Belize - Belize News - - Great Belize Productions - Belize Breaking News
Home » Miscellaneous, People & Places, Politics » Belize CitCo Launches $10M Municipal Bond
Mar 16, 2020

Belize CitCo Launches $10M Municipal Bond

The Belize City Council today launched its ten-million-dollar municipal prospectus paper.  Mayor Bernard Wagner says that the municipal bond has three tranches with different maturities and coupon rates and an anticipated weighted coupon average rate of three point four-five percent.  The maturities range from ninety-one days to three hundred and sixty-four days.  The mayor says that interest payments will be made quarterly commencing July first, 2020 with future maturity and interest payment schedules for October first, January second, and April first. According to Mayor Wagner, the proceeds from the bond will be used for seven purposes, including to retire any existing debt, pay fees and expenses for any professional or other services, reduce short-term financing costs and fund other projects or activities within the city.


Louis Zabaneh

Louis Zabaneh, Financial Advisor, Alpha Capital LLP

“We have three tranches of at least two million each. So tranche one a coupon rate of about three point two percent. It has a term of ninety one days. Tranche number two, two million or more. Yields about three point four five percent and has a term of a hundred and eighty days. The last tranche, yielding about three point seven percent and three hundred and sixty four seven. When you average that you get an average yield of three point four six percent.”

Bernard Wagner

Bernard Wagner, Belize City Mayor

“But the key thing here with the bond, it will enable us to improve the quality of life for our residents. That is important for us as a city. It is important for us as a council. We can’t continue to have our people in our city not having the ability to move around within their communities, they have poor streets. But we also want to ensure that we are there to provide social infrastructure, assistance to our residents. The council again, we have the ability through this offering of the bond for future considerations. It is not a one off type bond offering. We have the ability particularly come 2024 when our cash flows improve  because in 2023, 2024 we are suppose to complete the existing Darrell Bradley bond and so that will free up that over five million that is now being set aside from us. We are optimistic at this council that the future is bright for this council and bright for this city.”

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

Comments are closed