Monday, July 22, 2024

Belize receives Sovereign Restructuring Deal of the Year for restructuring its multi-million debt – the Super Bond

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On November 30, 2022, the Government of Belize (GOB) was awarded the prestigious Sovereign Restructuring Deal of the Year in Miami, Florida, USA, at the Bonds & Loans Latin America & the Caribbean Awards. To collect this significant recognition, the Director of the Blue Bonds and Finance Permanence Unit in the Office of the Prime Minister, Beverly Wade, travelled to the event and accepted the award on behalf of the government and Belize.
According to a communique issued by GOB, this is the third award received for the historic and successful restructuring of the “Superbond” through an innovative debt conversion agreement with The Nature Conservancy (TNC) to reduce debt burden while investing in marine conservation. The restructuring translated to an overall debt reduction of US$250 million, debt servicing savings of US$250 million, and an estimated US$180 million to support the conservation and responsible use of Belize’s marine resources. The Super Bond was a multi-millionaire external debt burdening the country. The debt conversion agreement with TNC led to the Blue Bonds, a massive debt refinancing project in which Belize agreed to a long-term commitment to ocean conservation.
The characteristics of the award
The selection process for the Sovereign Restructuring Deal of the Year award involved closely examining the deal size, tenor, structure, and distribution. There is also an analysis and background of the borrower and their accessibility to financing, with extra credit for those deals demonstrating high-quality execution. The next step is to examine the candidate’s access to new liquidity pools, innovative structuring, and the ability to open new markets. Belize previously received awards for Innovation relating to Bond Structure, also known as the Sustainability Bond. The other award was the Sustainability Bond of the Year or Sovereign from Environmental Finance.
The Bonds & Loans Awards recognizes the most innovative and ground-breaking deals from sovereign, corporate and financial institution issuers and borrowers since 2015. The award occasion is the world’s leading Pan-Latin America and Caribbean debt event. It brings together the industry’s most high-profile figures and creates the opportunity to raise the profile of the financial markets with the international investment community. The Bonds & Loans Awards inspire future issuance by Latin American and Caribbean companies.

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