UPDATE 1-Zambia announces debt restructuring agreement with bondholders

Zambia's finance ministry said on Thursday it had reached an agreement in principle on debt restructuring terms with a creditor group holding its international bonds, a milestone in its drawn-out debt rework process. The agreement will see the three existing bonds restructured into two new amortising bonds maturing in 2035 and 2053 respectively, with the 2035 note will pay out more interest sooner if Zambia's economy performs better. Zambia was the first African country to default in the COVID-19 era, in late 2020, and its restructuring process suffered numerous delays.