Zimbabwe Seeks Investors for Dollar-Bond Years After Default

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Zimbabwe will seek to raise $200 million in a debut domestic U.S. dollar bond sale on its stock exchange in Victoria Falls that trades exclusively in foreign currency, according to Finance Minister Mthuli Ncube.

“We may have it in small tranches, rather than a single big issuance,” Ncube said Wednesday in an interview from New York, where he is on a roadshow to attract investment into the southern African nation. “We might put it in $30 million tranches of about six issuances.”

Zimbabwe is targeting a yield of 6% to 9% on the bonds, he said on Bloomberg Television. Yield-hungry investors in frontier markets are interested in the offering, the minister said.

Earlier this month, Bloomberg reported that the bond sale would be for $100 million. In August, Ncube said a debt offering could help meet the cost of a $3.5 billion compensation bill the country is facing after it reached an agreement with White farmers evicted from their land two decades ago.

Source: Bloomberg

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