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Sep 13, 2021

Belize Commences Offer to Buy Superbond

Today, the government announced that Belize has officially commenced an offer to buy back the super bond, and the solicitation of consents from bondholders. Through the arrangement, Belize is proposing to finance the purchase of the bonds through funding via The Nature Conservancy. TNC uses private capital to refinance public debt in support of marine conservation efforts and eco-friendly sustainable marine-based activity. As a part of this, Belize will fund a twenty-three point four million-dollar marine conservation trust that would help protect the coral reef which has seen significant damage in the past. Under the proposed deal, eligible holders who tender their bonds will receive fifty-five cents for every dollar in outstanding principal.  The U.S. five hundred and twenty-six point five-million-dollar bond becomes due in 2034.  Even before the official presentation on Friday, two bondholders expressed interest. They are Vontobel, an investment firm that holds about ten percent, and Candriam, which holds two point two percent of the bonds. Belize needs to have seventy-five percent of the bondholders agree to the offer.

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