By Melody Mwala

Zambia has announced strong early results from the cash tender offer for the outstanding US$1.365 billion Fixed Rate Step-Up Amortising Notes due 2053.

The offer, launched on 29th May, 2026, invited eligible bondholders to sell their notes back to the government before maturity, subject to financing conditions being met.

According to the statement is by the Ministry of Finance and National planning under the Office of the Secretary to the Treasury, the announcement was made on the London Stock Exchange.

“By the Early Participation Deadline of June 9, 2026 2026, we had received valid tenders totaling US$1.335 billion, representing 97.85% of the total outstanding notes, demonstrating broad investor participation and support for the liability management exercise,” read the statement.

The transaction forms part of Zambia’s broader debt management and restructuring efforts aimed at improving debt sustainability and reducing longterm obligations.