Thu. Mar 23rd, 2023

According to a source acquainted with the procedure, the government has attracted more than 80% of the intended participation in the Domestic Debt Exchange Programme (DDEP).

The Central Securities Depository was performing the final reconciliation of the data, according to the source, to make sure there was no duplicate counting.

On Tuesday, February 7, this year, the time for bidding existing bonds for new ones expired.

However, several users who attempted to use the platform to tender for a swap ran into technical difficulties.

As a result, the government gave these people a window of opportunity to submit a bid until last Friday.

The date for settlement, the actual day on which new sovereign debt instruments with agreed-upon features will be presented to existing holders in exchange for their old ones bearing higher coupons (interest rates), which made it challenging for the government to honor consistently given the liquidity challenges the country is facing, was not altered by the Ministry of Finance, which is leading the DDEP.

If the agreement is approved tomorrow, it will mark the conclusion of a two-month effort to get the backing of local bondholders in order to ensure debt sustainability. This is the first time the nation has taken such corrective economic action.

Source: Graphic Online


By Playhaus

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