Belize offers aggressive restructuring plans
The government of Belize put an end to months of speculation on Wednesday and surprised markets with the release of highly aggressive proposals for the restructuring of its only outstanding international bond.
Known locally as "the superbond", the $547m 2029 issue was itself the product of a previous debt restructuring in 2007, which involved only a 20% reduction in net present value.
The superbond initially bore a 4.25% coupon but that has stepped up to 8.25% this year. And it
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