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Congo Republic dollar bond falls after govt hints at restructuring
October 6, 2017 / 11:57 AM / 13 days ago

Congo Republic dollar bond falls after govt hints at restructuring

LONDON, Oct 6 (Reuters) - The Republic of Congo’s dollar-denominated bonds fell to their lowest in more than five weeks on Friday after the government said it would start talks with its creditors to tackle its debt burden.

The issue maturing 2029 lost 2.740 cents to trade at 76.010 cents, according to Tradeweb data.

“With its financial and legal advisers, Congo Republic is going to begin discussions with its primary lenders with the objective of streamlining or refinancing its debt,” Finance Minister Calixte Nganongo told reporters in Brazzaville on Thursday.

Congo’s economy, which is heavily dependent upon revenues from oil exports, has been hit hard by the drop in global crude prices and the government has entered negotiations with the International Monetary Fund to try to secure a financial assistance programme. (Reporting by Karin Strohecker in London and Roch Bouka in Brazzaville)

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