Lagos/Brussels — The Republic of Congo became the second African country this year to miss a eurobond payment after a contractor alleging the government owes it money blocked the transfer of funds to debt investors. Holders of the country’s $363m of securities due in 2029 did not receive about $21m in coupons and amortisation payments by the end of July, when the grace period expired, according to Lutz Röhmeyer, a money manager at Landesbank Berlin Investment. Two other bondholders, who did not want to be identified as they aren’t authorised to speak about the matter, also said they hadn’t been paid. The government paid the funds to the eurobond trustee, Delaware Trust, in June but the transfer to the investors was blocked by a restraining order obtained by Commissions Import Export (Commisimpex), Moody’s Investors Service said on July 28. The ratings company downgraded Congo to Caa2 from B3 and said a default was "imminent." Court hearing "Bondholders knew there was no chance the o...
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