Mozambique’s bonds rallied after UBS Group AG announced it had reached a settlement with the southeast African nation over Credit Suisse’s role in a ship-financing scandal.
The yield on Mozambique’s 2031 debt fell 19 basis points to 13.34% by 10:07 a.m. in Maputo, the capital.
No details of the settlement were released. People with knowledge of the matter said last week that UBS was in talks to forgive as much as $100 million of Mozambique’s debt as part of the deal.
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