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Mar 11, 2020

CitCo to Float Another Municipal Bond

Bernard Wagner

The Belize City Council is also planning to launch its own municipal bond in the days ahead. On March sixteenth, Mayor Bernard Wagner and his team will formally roll out a short-term bond, an iteration which he promises to be more creative than the initial certificate.  The bond, we note, has been in the making since last year and is only just coming into fruition with the strong fiscal position of the council.

 

Bernard Wagner, Belize City Mayor

“This approach that we took is what is now yielding the results weh yoh di sih each and every day.  Dis da weh di yield that.  Dat noh just happen, dis da by wahn strategy and we have maintained that strategy and that is why we are now moving forward and we are able to have gained the confidence of the public, the confidence of the businesses to be able to now propel and launch our municipal bond which will be launched next week Monday but which will be a more innovative type of financial instrument.  It’s much more innovative.  It’s similar to the debenture system that B.E.L. uses, that you get funding in from bondholders, I owe you, but you pay the interest.  At the end of the day the bondholders are seeking return on their money and the returns that we are giving on this bond that will launch next week are much more competitive than what the banks and financial institutions are offering and that is why we sit today poised and ready to really launch Belize City forward in a fiscal way weh have never been seen before.”


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