Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Belize Defaulted Bonds Gain as Restructuring Nears: Miami Mover

Don't Miss Out —
Follow us on:

Jan. 23 (Bloomberg) -- Belize defaulted bond prices climbed as the government and creditors near agreement on a restructuring.

The price on Belize’s 8.5 percent dollar bonds maturing in 2029 gained 2.7 percent to 55.99 cents on the dollar at 3:47 p.m. New York time. The bonds have climbed from a low of 30.5 cents on Aug. 15 after the government missed a $23 million coupon payment.

The restructuring may value the defaulted debt at as much as 70 cents on the dollar, more than double what the government initially put forward in a proposal last year, Carl Ross, a managing director at Oppenheimer & Co. in New York, said in a report today.

“The end result is likely to be significantly more generous to bondholders than the initial offer,” Ross wrote, adding that his analysis was based on “incomplete information.”

Prime Minister Dean Barrow said Jan. 21 that an accord with bondholders would be announced within two weeks and save the Central American nation formerly known as British Honduras $33 million this year. Barrow originally said a deal over the country’s $544 million “superbond” would be announced by mid-January.

To contact the reporter on this story: Bill Faries in Miami at wfaries@bloomberg.net

To contact the editors responsible for this story: Andre Soliani at asoliani@bloomberg.net; David Papadopoulos at papadopoulos@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.