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Belize creditor group agrees to grace period extension on Superbond

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Posted: Tuesday, June 8, 2021. 8:29 pm CST.

By Aaron Humes: Leading creditors of Belize’s Superbond have said they will support Government’s proposal to extend the grace period for a coupon payment missed in May, Reuters reports.

It comes hours after Prime Minister John Briceno told local media that it was in creditors’ best interest to negotiate rather than continue to play hardball.

Last week the creditors had refused Belize’s consent solicitation proposal, still open until Friday of this week.

But they have signalled a return to negotiations, saying in a statement: “The Committee hopes that the new (non-disclosure agreement) will facilitate good faith negotiations based on supportable data and inter-creditor equity, and that the process will ultimately lead to a durable solution to the economic problems that underlie Belize’s debt-servicing challenges.”

The extension is expected to last until October.

The US$550 million bond, which traded as low as 32.5 cents on the dollar in the second half of April, last traded at 38.5 cents according to Refinitiv data, up 3.25 cents on the day.

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