"Unfortunately, in the short time available between commencement of discussions and the upcoming interest payment date, an agreement... could not be reached," the finance ministry added in a statement. The finance ministry said Ethiopia would "broaden the engagement with the holders of its Eurobond" and hold a call next week to set out a possible proposal for the debt. It said that during the talks with bondholders it had outlined an "initial restructuring proposal" and then after a counter offer from bondholders, a final proposal. The $1 billion bond, maturing in December 2024, was last bid around 61 cents on the dollar with a 66% yield. (Reporting by Bhargav Acharya and Marc Jones; Additional reporting by Rachel Savage and Karin Strohecker; Editing by Alexander Winning and Alexander Smith)

Source: Ethiopian News December 08, 2023 18:22 UTC