Africa: Mozambique Becomes Africa’s Most Distressed Sovereign As Spreads Surge
Mozambique has overtaken Senegal as Africa’s most distressed sovereign borrower, as rising global energy costs add pressure to its finances. The country’s sovereign yield spread widened to 1,473 basis points, surpassing Senegal’s 1,423 basis points, according to data tracked by JPMorgan Chase. Spreads above 1,000 basis points are widely seen as a sign of distress….