By Alexis R. Milan Staff Reporter
The negotiations to restructure Belize’s US $547.5M Super bond in March 2013 have been awarded the 2013 Sovereign Restructuring Deal of the Year by Latin Finance, a financial publication covering Latin America and the Caribbean.
The award was presented to the Government of Belize at the award ceremony held at Gotham Hall in New York City on January 16. Speaker of the House, Michael Peyrefitte accepted the award on behalf of Belize.
Representatives from the region’s top corporations, sovereign ministries of finance, investment banks and law firms were also in attendance.
Prime Minister Dean Barrow announced the completion of the restructuring of the super-bond at a press conference last March. Barrow stated that over the next 10 years the restructuring would save the country BZ $494 million in debt servicing. At that same conference Barrow stated that at least 75 percent of bondholders had to accept the new terms but were pleased when 86.17 percent accepted.
The Dept Restructuring Team responsible for the negotiations included Mark Espat; Minister of Labor, Local Government, Rural Development and National Emergency Godwin Hulse; Governor of Belize Central Bank Glenford Ysaguirre; CEO for the Ministry of Economic Development Yvonne Hyde; and Deputy Governor of Belize Central Bank Christine Vellos.
At the time, Barrow described the negotiation as “unprecedented for this region in any day and age,” and said that it was an “extremely laudable achievement.”