Government pegs participation in second round US dollar denominated bonds at more than 90%
Government has secured more than 90 percent participation in the US dollar denominated bonds exchange, and the Alternative Offer for the Pension Funds Exchange.
According to official results released by the Finance Ministry, approximately 95 percent of bondholders participated in the exchange of old bonds for new bonds.
Settlement for these bonds will now be done on September 4, 2023 instead of the initial September 1, 2023 announced.
The Finance Ministry was seeking to restructure about ¢31 billion worth of bonds.
US dollar denominated domestic Bonds
Government was seeking to restructure $809 million of US dollar denominated bonds worth of bids.
The offer was lunched on July 14, 2022 but was extended on two occasions.
Government on the offer
The government said it is pleased with the results, as a substantial majority of the Eligible Holders have tendered.
This result is a significant achievement for the government to implement fully the economic strategies in the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.
The Minister of State at the Finance Ministry Dr. Mohammed Amin Adam told Joy Business that with the results, government can say that it has concluded the Domestic Debt Exchange programme.