Zambia
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Yields are too high to issue at a reasonable cost, and a drought means a rally is unlikely -
Lack of progress on debt restructuring has been scaring investors away from EM bonds
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Bondholders take bigger upfront haircut in return for more lucrative VRI some say will punish Zambia
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Many of the region’s states that have market access feel little need to issue new bonds
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Official creditors do not believe a deal with bondholders ensures comparability of treatment
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Questions linger over state contingent debt instrument used to bring sides together but agreement brings saga closer to end
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Creditors will also be looking to claw back what Zambia owes on its Eurobonds
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The bills have the potential to do damage to both New York and sovereigns themselves, say sources, while others urge change
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Ghana has learned the lessons of Zambia's debt restructuring
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There would still be hurdles and an agreement may even make defaults more likely
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Chinese creditors have demanded an end to the status enjoyed by multilateral lenders
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First restructuring under common framework could set an important precedent
