The government has extended the settlement date for bonds under the Domestic Debt Exchange Programme (DDEP) to 21st February 2023.
The extension would provide the government with sufficient time to settle the new bonds efficiently.
This was contained in a press release issued by the Ministry of Finance on Tuesday.
“This Settlement Date extension is only to process the settlement of the New Bonds. The issue date, interest accrual schedules and payment schedules for the New Bonds will be adjusted to reflect the actual Settlement Date. As the Exchange period has expired, no new tenders will be accepted, and no revocations or withdrawals are permitted.
“In addition, since we have received expressions of interest from other stakeholders to participate in a similar exchange, the Government is modifying the six-month “clear market” provision of the New Bonds as outlined in the Exchange Memorandum to clarify that such clear market provision will not limit the Government from issuing Domestic Public Indebtedness in connection with liability management exercises involving exchanges or similar exercises that do not involve the issuance of Domestic Public Indebtedness for cash consideration. Except as outlined in this paragraph and the one before, the terms and conditions of the Exchange are not modified or amended,” it stated.
The government disclosed the results of the DDEP which closed on February 10th 2023, saying the “government 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.”
Patience Anaadem, ISD