{"count":5,"excluded":[{"amount_outstanding":1928000000,"country":"ANGOLA","coupon_rate":0.1095,"currency":"USD","detail":"Not retired. Stored for universe completeness only. This bond is excluded from the priced universe because no lawful publicly sourced price is available for it: it is absent from the daily closing email and it is not in the pricing engine BONDS map. is_active is false and retired_on is deliberately NULL, to record that the bond is alive and unredeemed. Terms confirmed from the 14 January 2025 tap final terms, GMTN Series 4, USD 1,200,000,000 original plus USD 728,000,000 tap consolidated to USD 1,928,000,000.","isin":"XS2965710598","issuer":"REPUBLIC OF ANGOLA","maturity_date":"2030-12-27","summary":"Alive and unredeemed. It is excluded because no lawful, publicly sourced price is available for it: it is not carried in the daily closing email this site is anchored to. The terms shown are confirmed from the issuer's January 2025 tap final terms.","ticker":"ANGOL 10.95 12/27/30"},{"amount_outstanding":1000000000,"country":"ETHIOPIA","coupon_rate":0.06625,"currency":"USD","detail":"NOT RETIRED, AND NOT REDEEMED. Stored for universe completeness and excluded from the priced universe. Federal Democratic Republic of Ethiopia U.S.$1,000,000,000 6.625% Notes due 11 December 2024. Ethiopia DEFAULTED -- the notes were never repaid, no exchange has settled as at 10 Aug 2026, and the claim still trades. The FirstBank close has quoted it 13 times since 24 July 2026. WHY EXCLUDED: unlike Angola XS2965710598, a lawful public price DOES exist. What does not exist is a valid model. The maturity date passed 20 months ago, so bond_pricing.coupon_dates returns no future cash flows and the yield is undefined rather than merely large. A defaulted note quotes on RECOVERY, not on a curve, so duration and the macro sensitivities are meaningless for it. Publishing a yield here would be a fabricated number formatted identically to 122 real ones. ISSUER-CONFIRMED TERMS: the Ministry of Finance announcement of 29 June 2026 states 3 missed coupons of USD 99.375m from Dec 2023 to Dec 2024, which fixes the coupon at 33.125m, hence 6.625% semi-annual on 1,000,000,000 and a June/December grid, from the issuer with no vendor in the path. The Public Sector Debt Statistical Bulletin no. 45 Table 3 carries EUROBOND at USD 1,000.00 million in every period to 31/03/2023, confirming nothing was amortised or bought back. TIER C, NOT DOCUMENT-CONFIRMED: the DAY of the month (11th), the ISSUE DATE and the DAY COUNT. No offering circular has been read. These are press-derived, are consistent with the issuer's Dec/Jun grid, and are INERT because this row is never priced -- but they must not be mistaken for read terms. day_count 30E/360 is the house default, not a reading. SECOND ISIN: every Ministry announcement cites US29766LAA44. This row is keyed on XS1151974877 because that is what the close carries and what ingest matches. One eurobond was issued, so these are near certainly the 144A and Reg S tranches of a single series -- an INFERENCE, as no document seen states both. RESTRUCTURING, agreed in principle 29 June 2026 and NOT YET LAUNCHED: USD 880m (12% haircut), 6.15% payable 15 January and 15 July, maturing 15 July 2029, amortising 180m/100m/300m/300m on 15 July 2026/2027/2028/2029, past-due interest of 99.375m paid at settlement, 0.5% consent fee, plus a detachable new-money warrant (450bp, 7 years, USD 1bn notional). Two earlier attempts failed -- an AIP of 2 Jan 2026 abandoned on 29 Jan after the Official Creditor Committee assessed it as failing Comparability of Treatment, and a revised proposal rejected on 27 May. NOTE THE FIRST INSTALMENT DATE, 15 July 2026, HAS ALREADY PASSED and no document read says whether it shifts or falls due at settlement. Do not seed the new ladder from these figures without the exchange offer memorandum. REVIEW TRIGGER: when the exchange settles, retire this row and add the new notes from the offer memorandum, not from this summary. Recorded 10 Aug 2026.","isin":"XS1151974877","issuer":"FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA","maturity_date":"2024-12-11","summary":"In default. The notes matured on 11 December 2024 and were not repaid, and the claim still trades. A price exists, but a yield does not: with the maturity passed there are no future cash flows to discount, and a defaulted bond is quoted on what holders expect to recover rather than on a yield curve. Publishing a yield here would be an invented number formatted exactly like the real ones. A restructuring was agreed in principle in June 2026 and has not yet settled.","ticker":null},{"amount_outstanding":500000000,"country":"NIGERIA","coupon_rate":0.0625,"currency":"USD","detail":"Editorial exclusion (22 Sep 2026): no lawful public daily price -- not quoted in the FirstBank close. Terms stored from the SEC-filed indenture; set is_active true when a price source exists.","isin":"XS2413632527","issuer":"IHS HOLDING LIMITED","maturity_date":"2028-11-29","summary":null,"ticker":"IHS"},{"amount_outstanding":750000000,"country":"NIGERIA","coupon_rate":0.07875,"currency":"USD","detail":"Editorial exclusion (22 Sep 2026): no lawful public daily price -- not quoted in the FirstBank close. Terms stored from the SEC-filed indenture; US$550m issued 29 Nov 2024 plus US$200m tap settled 9 Sep 2026 (6-K 25 Aug 2026) = US$750m per the issuer's page. Set is_active true when a price source exists.","isin":"XS2941354487","issuer":"IHS HOLDING LIMITED","maturity_date":"2030-11-29","summary":null,"ticker":"IHS"},{"amount_outstanding":650000000,"country":"NIGERIA","coupon_rate":0.0825,"currency":"USD","detail":"Editorial exclusion (22 Sep 2026): no lawful public daily price -- not quoted in the FirstBank close. Terms stored from the SEC-filed indenture; set is_active true when a price source exists.","isin":"XS2941354727","issuer":"IHS HOLDING LIMITED","maturity_date":"2031-11-29","summary":null,"ticker":"IHS"}]}