Posted: Friday, July 24, 2020. 1:26 pm CST.
By Aaron Humes: Reuters reports that Belize’s proposal to capitalize interest payments coming due between now and February on the US$526 million Eurobond or “Superbond” has gained support from a group of creditors.
A group of creditors holding Belize’s bonds said on Thursday they planned to support the country’s proposal to capitalize.
“The Committee hopes that the cash flow relief that the government has requested and the commitment for closer engagement with investors will support Belize’s efforts to undertake the necessary reforms to recover from its liquidity challenges,” the creditor group said in its statement.
The group’s steering committee is made up of asset managers Grantham, Mayo, van Otterloo & Co. and Greylock Capital Management. The group did not provide any details on its holdings.
Belize has asked to defer payments, saying it could not afford the next three payments which would amount to 1.5% of GDP following the economic hit from the coronavirus pandemic.
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