[miningmx.com] – INVESTORS are turning their backs on Zambian debt following the hefty decline in the copper price and the uncertainty created by snap presidential elections this month, said Bloomberg News.
The southern African nation’s Eurobonds lost 5.7% in 2015, the biggest decline among 58 emerging markets after Venezuela, according to Bloomberg indexes. The yields jumped 114 basis points this year to 8.24% on Janyary 14, the highest since April.
“Snap elections are approaching so there may be some more selling’ of the debt, Richard Segal, head of emerging-markets credit strategy at Jefferies International, told Bloomberg News.
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