The Story of a Visionless Caper

How political shenanigans led to a bond default

On Tuesday, the 5th of March 2019, bond investors of the oddly named Municipality Waste Management Contractors Limited (MWMCL) expected to receive their scheduled half yearly payments - comprising a coupon and an amortised principal component - of the bond notes issued in 2017. Much to their dismay the day passed by without any bank account alerts. For …