and Nedbank Group

Four of Africa’s biggest lenders — Standard Bank Group Ltd., FirstRand Ltd., Absa Group Ltd., and Nedbank Group Ltd. — collectively set aside $267 million to account for the losses, impairing as much as 57% of local and onshore dollar denominated debt holdings. Meanwhile, Standard Chartered Plc set aside $160 million. A rare move to restructure local debt — bondholders exchanged 87.8 billion cedis ($7.1 billion) of notes that paid an average of 19%, with bonds returning as little as 8.35% — have resulted in losses for financial institutions. Ghana is restructuring most of its public debt, estimated at 576…