Mozambique Eurobond creditor group GGBM to participate in government debt swap

LONDON (Reuters) – A large group of creditors holding Mozambique’s defaulted 2023 dollar-denominated bond said on Tuesday they intended to take part in the proposed debt swap after the government formally launched its offer earlier in the day.

The Global Group of Mozambique Bondholders (GGMB), representing holdings of around 68% of the defaulted 2023 bond, said in a statement they planned to take part in a restructuring that will see $900 million of new bonds maturing in 2031 to be issued.

Mozambique needs the consent of 75% of the bond holders to finalize the restructuring proposal.

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