May 24, 2016 / 8:45 AM / 3 years ago

Mozambique dollar bond down 1 cent as govt misses loan payment

LONDON, May 24 (Reuters) - Mozambique’s dollar-denominated bonds fell by as much as 1 cent on Tuesday as Maputo edged towards default on a loan after missing a repayment deadline.

The 2023 bond which had been issued at 80 cents in early-April as part of a debt swap, traded at 76 cents in the dollar, according to Thomson Reuters data.

On Monday, a source at the country’s finance ministry said state firm Mozambique Asset Management (MAM) had been unable to make the $178 million repayment which is part of a $535 million arranged by Russia’s VTB Bank, and the government - which guarantees the loan - also failed to stump up the cash. (Reporting by Karin Strohecker;editing by Sujata Rao)

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