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Wednesday, September 22, 2021
Home Headline More bondholders support “Superbond” buyback 

More bondholders support “Superbond” buyback 

BELIZE CITY, Mon. Sept. 13, 2021– According to an article released on Reuters last Friday, more bondholders are coming forward in support of the Superbond buyback deal being brokered by GOB with the help of The Nature Conservancy.

An offer of 55 cents on each dollar of debt is being made, and those bondholders who tender before the expiration date on November 19 will also receive payment for accrued interest.

While the 45% “haircut” would translate to a considerable loss for the bondholders, the trading value of the bond is at the highest level it has been in recent years, even after various previous restructuring initiatives.

A representative from Vontobel, a holder of at least 10% of the bond told Reuters “It’s a good solution. The recovery value could have been higher, but it’s okay. It is also positive from a broader market perspective that sovereigns are finding creative ways to solve these issues.”

A spokesperson from another bondholder, Candriam, confirmed that they are backing the plan as well. They hold 2.2% of the bond, according to EMAXX holdings data.

Other bondholders, M&G Investments, who holds 3.5% of the bond, according to EMAXX data, have declined to comment, and Austria’s Kepler Funds, who holds 2% of the bond, was undecided at the time.

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