Yields on Zambia’s Eurobond jump after HH arrest – Bloomberg

Yields on Zambia’s Eurobond jump after HH arrest – Bloomberg

 

Yields on the Zambia’s dollar debt have risen following the arrest of HH, according to Bloomberg news agency.

“My lips are swollen, my eyes are swollen, my skin is itching,” Hichilema said by phone from Lusaka. He said he hid in a safe room in his house before police flooded it with gas that he couldn’t identify to force him out.

Hichilema has refused to recognize President Edgar Lungu as the leader of Africa’s second-biggest copper producer after a closely fought election in August. The opposition party challenged the outcome in the Constitutional Court, but the petition wasn’t heard after the time given for the case lapsed. Hichilema was arrested in October for unlawful assembly.

Police opened an inquiry into Hichilema and Mwamba following allegations they obstructed Lungu’s motorcade at a traditional ceremony in Western Province over the weekend, the state-owned Zambia Daily Mail reported Tuesday, citing police. The UPND has denied any wrongdoing.

“They want to arrest my president,” Geoffrey Mwamba, the party’s vice president, said in a video posted on the party’s Facebook account. “They are claiming he has committed a treasonable offense. That’s nonsense.”

Yields on Zambia’s $1 billion Eurobonds due April 2024 rose 15 basis points to 8.04 percent by 11:14 a.m. in London. This simply means that the world has taken note of and in worried about instability in Zambia.

Police spokeswoman Esther Katongo wasn’t immediately available for comment when called on her mobile phone.

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