Zambia reached an agreement to restructure USD 3 bln in Eurobonds, marking a significant step towards resolving its debt default dilemma, which has been ongoing for three years. Following the announcement, Zambia’s Eurobond due in 2027 saw its price rise to its highest level since May 2022. However, Zambia must finalize agreements with other commercial creditors, including Jiangxi Bank Co. and Industrial and Commercial Bank of China Ltd., to fully navigate out of debt.