The domestic debt exchange's expiration date has been further postponed by the government to January 16, 2023.
The conditions of the Debt Exchange have been modified, according to a news statement issued by the Finance Ministry on Saturday, December 24.
The Expiration Date of the Invitation will now be from Friday, December 30, 2022, at 4 p.m. (GMT) to Monday, January 16, 2023, at 4 p.m., the Government declares today.
"The Longstop Date for the Invitation is now set for Tuesday, January 31, 2023, and the Settlement Date is now anticipated to occur on Tuesday, January 24, 2023, or as soon as practically possible after that, unless further extended by government in accordance with the Invitation.
The Announcement Date is currently anticipated to take place on or around January 17, 2023, according to the Ministry.
The government has announced changes to the Invitation to Exchange in addition to the aforementioned extensions. They do;
offering holders of eligible bonds due in 2023 accrued and unpaid interest as well as a cash tender fee payout;
By including eight new instruments, the number of new bonds offered rises to 12, with one bond maturing each year between January 2027 and January 2038.
Additionally, the exchange consideration ratios for each new bond are changed. Eligible Bonds due in 2023 will have a different Exchange Consideration Ratio than other Eligible Bonds;
Setting a non-binding target minimum overall participation level of 80% of the total principal amount of existing Eligible Bonds; and allowing Individual Investors to participate in the Exchange.
These changes will be fully described in an amended and restated exchange memorandum, which is anticipated to be released the week of December 26th, 2022.
The Amended and Restated Exchange Memorandum may contain conforming adjustments (such as adding or changing defined terms) in relation to the aforementioned amendments as well as corrections of any ambiguity, omission, defect, error, or inconsistency, according to the Finance Ministry.
The government began a Domestic Debt Exchange on December 5, 2022 as part of its efforts to alleviate the nation's growing economic crisis.
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