Africa Hyper-Exotics
Country / Issue Price Range
Angola / Trade 55.000% 62.000%
Angola / Loans 58.000% 65.000%
Cameroon / Trade 14.000% 19.000%
Central African Republic / Trade 2.000% 4.000%
Congo / Trade 15.000% 19.000%
DR Congo / Loans, Trade 8.000% 15.000%
Ethiopia / Trade 4.000% 6.000%
Gambia / Trade 10.000% 18.000%
Ghana / Trade 75.000% 80.000%
Ivory Coast / PDI 26.000% 27.000%
Kenya / Trade 59.000% 63.000%
Liberia/ Trade 5.000% 7.500%
Mozambique / Trade 18.000% 24.000%
Nigeria / Pns 21.000% 22.125%
Senegal / Loans, Trade 15.000% 17.000%
Sierra Leone / Trade 4.000% 6.000%
Sudan / Trade 3.000% 5.000%
Sudan / Loans 10.000% 12.000%
Tanzania / Loans, Trade 14.000% 16.000%
Uganda / Trade 16.000% 18.000%
Zambia / Loans, Trade 18.000% 25.000%
Zimbabwe / Trade 9.000% 15.000%
Latin America & Caribbean Hyper-Exotics
Country / Issue Price Range
Argentina / 2003, JPY 28.000% 29.000%
Cuba / Trade 6.000% 10.000%
Cuba / Loans 11.500% 16.500%
Honduras / Loans, Trade 30.000% 40.000%
Mexico / Ahmsa Bonds 75.000% 77.000%
Mexico / Ahmsa trade debt 53.000% 63.000%
Suriname / Loans, Trade 23.000% 26.000%
Eastern Europe Hyper-Exotics
Country / Issue Price Range
Albania / Pars 37.000% 39.000%
Azerbaijan / Trade 30.000% 35.000%
Bosnia / Trade 52.000% 55.000%
Georgia / Trade 24.000% 26.000%
Russia / FTO, S-Exchange 100.000% 110.000%
Russia / FTO, Unreconciled 25.000% 35.000%
Serbia / Trade 48.000% 55.000%
Turkmenistan / Trade 25.000% 30.000%
Ukraine / Trade 30.000% 37.000%
Uzbekistan/Trade 23.000% 26.000%
Middle East Hyper-Exotics
Country / Issue Price Range
Iraq / Paris Club 18.000% 23.000%
Iraq / Bonds 65.500% 66.500%
Libya / Trade 65.000% 70.000%
Syria / Trade 10.000% 15.000%
Yemen / Loans, Trade 30.000% 32.000%
Asia Hyper-Exotics  
Country / Issue Price Range
Cambodia / Trade 15.000% 22.000%
Myanmar / Trade 15.000% 20.000%
Mongolia / Trade 24.000% 29.000%
North Korea / Loans, Certificates 20.000% 24.500%
Vietnam / Pars 84.500% 86.250%


Trade: Trade debt instruments
Loans: Loan agreements
PDI: Past due interest
Pns: Promissory notes
Pars: Brady par bonds


Prices are a percentage of principal only, however assuming inclusion of an average amount of PDI for the specific debt instrument and the specific debtor. Trade debts and their documentation differ from case to case and price ranges should therefore be considered as benchmark only.


Price ranges are based on a monthly compilation of sources and analytics. Liquidity on most instruments is very limited and trading may not have taken place for some time.


DRC, Gecamines – crucial developments


La Generale des Carrieres et des Mines (Gecamines), the troubled government-controlled mining company of the Democratic Republic of the Congo (DRC), seems to be going through crucial stages of its restructuring efforts.


Under pressure from the World Bank, the French consultancy firm Sofreco was hired in 2004 to manage a full scale restructuring of the company including its unsustainable debt level. Sofreco recruited the Canadian Paul Fortin in 2005 to act as the managing director of Gecamines during the restructuring process.


One of the main achievements of Fortin has been to very gradually recommence the copper production process, with production increased by 29% to 22,000 tons in 2006 and further increase expected in 2007 to 30,000 tons. Gecamines sits on top of around 10% of world reserves in copper, which given the current high prices, ensures that the company’s developments are closely followed by the markets.


Fortin has furthermore managed to win trust from the company’s employees, who had not seen any regular salary payments for quite some time. A serious crisis erupted in February of this year after Sofreco fired Fortin. Employees of Gecamines immediately called for a company-wide strike and Congolese government officials likewise supported Fortin, leading to his reappointment three days later.


Gecamines is reported to have a total of US$2.4bn in debt outstanding, nearly all overdue and for a large portion trade related. Fortin had already made several announcements on his plans to restructure the debt of Gecamines. He indicated that he proposed transferring a part of the company’s debt to the state, given that it had a sovereign character, whereas he also referred to anticipated support of official donors including the Paris Club.


He furthermore anticipated paying commercial creditors “between 10% and 12% of their outstanding amounts”. “I’m going to make them a low settlement proposal because there is no alternative,” Fortin announced at the Mining Indaba conference in Cape Town in February.


After completion of the debt restructuring, the path would be cleared for an initial public offering (IPO) in either the US or the UK, according to Fortin. In a matter of weeks after his announcement, advisors would be asked to submit proposals on dealing with the debt. The successful advisor was likely to be given the mandate to lead the company’s float.


This seems overly optimistic, not only on timing but also on the targeted debt cancellation levels as signaled by Fortin. Only very recently a large German trade debt was reportedly settled for 20% of principal and interest, which to our opinion is a lower limit for any successful ‘amicable’s debt restructuring negotiations with commercial creditors.


Holders of Gecamines or DRC trade debt, claims or awards are invited to contact us.



For brokerage requests or more information on specific debts, debt conversions and restructurings, please contact:


Raymond van Hulst on

Heleen Rijkens on