{"id":138393,"date":"2021-09-10T15:29:15","date_gmt":"2021-09-10T15:29:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=138393"},"modified":"2021-09-10T15:29:15","modified_gmt":"2021-09-10T15:29:15","slug":"exclusive-vontobel-and-candriam-back-belizes-barrier-reef-superbond-buyback","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/exclusive-vontobel-and-candriam-back-belizes-barrier-reef-superbond-buyback\/","title":{"rendered":"Exclusive-Vontobel and Candriam back Belize's barrier reef 'superbond' buyback"},"content":{"rendered":"

LONDON (Reuters) – Belize edged closer on Friday to securing a unique environmentally-friendly debt restructuring after two more of its \u2018superbond\u2019 holders backed a plan that would see the serial defaulter commit to protecting its giant barrier reef.<\/p>

Slideshow ( 2 images )<\/span><\/figcaption>

The government of Belize laid out a groundbreaking proposal last week offering to buy back the $526.5 million bond with help from U.S.-headquartered, non-profit organisation The Nature Conservancy here.<\/p>\n

A key part of the deal is that the government will fund a $23.4 million marine conservation trust that would help protect the world\u2019s second-largest barrier reef, damaged in the past by offshore oil drilling and overdevelopment.<\/p>\n

The buyback offer needs the approval of 75% of the bond\u2019s holders. A trio of funds holding roughly 50% of the debt have already given it their blessing, and other major holders confirmed to Reuters on Friday that they will back it too.<\/p>\n

\u201cIt is a good solution,\u201d said Carlos de Sousa, a strategist at investment firm Vontobel, which holds roughly 10% of the bond. \u201cThe recovery value could have been higher but it\u2019s OK … It is also positive from a broader market perspective that sovereigns are finding creative ways to solve these issues.\u201d<\/p>\n

A spokeswoman for another heavyweight fund, Candriam, which holds 2.2% of the bond according to EMAXX holdings data, confirmed that it too was backing the plan.<\/p>\n

Signs that more funds are in favour of the proposal will be a boost for Belize, whose debt-to-GDP ratio remains above 120% despite five defaults in the last 15 years. The so-called \u2018superbond\u2019, which is not due to mature until 2034, is itself the product of previous restructurings.<\/p>\n

The World Wildlife Fund, which has worked with the country, estimates that more than 40% of the population lives and works along its Caribbean coast and depends on its ecosystems for their livelihoods.<\/p>\n

Services they provide \u2013 like support for commercial fisheries, tourism, and protection from erosion and storm surges \u2013 are worth up to $559 million per year. That is equivalent to more than two-fifths of Belize\u2019s GDP.<\/p>\n

The debt plan is by no means a done deal, however.<\/p>\n

M&G Investments, which holds 3.5% of the bond according to the EMAXX data, declined to comment while Austria\u2019s Kepler Fonds, which owns around 2%, said it was undecided for now.<\/p>\n

Roughly 10% is also effectively held by Venezuela which may not be able to put in its vote as it is under U.S. sanctions and the money would need to go through the U.S. financial system.<\/p>\n

Under the proposed deal, eligible holders who tender their bonds will receive 55 cents for every $1 in outstanding principal.<\/p>\n

The 45% \u201chaircut\u201d, as bankers call it, would seem like a huge loss for creditors but the highest the bonds have traded at in recent years after previous restructurings is around 65 cents on the dollar.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Belize edged closer on<\/p>\n","protected":false},"author":3,"featured_media":138392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nExclusive-Vontobel and Candriam back Belize's barrier reef 'superbond' buyback - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/exclusive-vontobel-and-candriam-back-belizes-barrier-reef-superbond-buyback\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive-Vontobel and Candriam back Belize's barrier reef 'superbond' buyback - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Belize edged closer on\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/exclusive-vontobel-and-candriam-back-belizes-barrier-reef-superbond-buyback\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-10T15:29:15+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/09\/Exclusive-Vontobel-and-Candriam-back-Belizes-barrier-reef-superbond-buyback.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/exclusive-vontobel-and-candriam-back-belizes-barrier-reef-superbond-buyback\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/exclusive-vontobel-and-candriam-back-belizes-barrier-reef-superbond-buyback\/\",\"name\":\"Exclusive-Vontobel and Candriam back Belize's barrier reef 'superbond' buyback - 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