Tidjane Thiam, Ngozi Okonjo-Iweala and others call for a two-year moratorium on eurobond payments by African sovereigns to free up funds to fight the pandemic. (This would be default, the rest is PR.) https://www.ft.com/content/89c6d60f-5fe9-4b72-b327-4a6eb267a9c9">https://www.ft.com/content/8...

A quick thread on some of the implications here. There aren& #39;t big eurobond principal repayments coming up this year for either Zambia or Angola, as two of the more troubled African sovereigns. But Zambia has a $43m coupon payment coming up *in seven days*.

Also, clearly not every African eurobond issuer would want to join any moratorium so it wouldn& #39;t be Africa-wide. South Africa would bite its arm off before defaulting for example.

Lastly, eurobond creditors might even crumble relatively easily, but there is less precedent for co-ordinating debt relief with Chinese official creditors, which could do a lot to reduce debt burdens in 2020 but may be politically very awkward to arrange.