30th August 2023 5:13:07 PM
2 mins readhe government has declared an accomplishment of a 92% participation rate in the restructuring of its U.S. dollar-denominated bonds.
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The exchange offer concluded at 4:00 p.m. on August 25, 2023.
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A statement released by the Ministry of Finance on August 29, 2023, confirmed that nearly 92% of eligible holders, as identified by the Central Securities Depository, submitted their Eligible Bonds in response to the Invitation to Exchange.
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The Finance Ministry's statement expressed contentment with the outcome, highlighting that a significant majority of eligible holders had participated. This result stands as a substantial achievement for the government in executing the economic strategies of the Post-COVID-19 Programme for Economic Growth (PC-PEG) amidst the current economic challenges.
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In order to facilitate a smooth settlement process for the Exchange Bonds, the government has extended the Settlement Date of the alternative offer exchange from the previously announced September 1, 2023, to September 4, 2023.
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Subsequently, the issue date, interest accrual schedules, and payment schedules for the Exchange Bonds will be adjusted to align with the actual Settlement Date.
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Consequently, the payment initially scheduled shortly after the settlement date (which was intended to be made as if the Exchange Bonds had been issued on February 21, 2023, and held by participating Eligible Holders as of August 22, 2023, marking the first interest payment date within the Existing Exchange Series) will now occur around September 5, 2023.
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The terms and conditions of the alternative offer for the pension fund exchange remain unaltered, except as indicated in this paragraph. The Ministry emphasized that with the expiration of the Invitation Period, no new tenders will be accepted, and no revocations or withdrawals are permitted.
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