Government extends deadline of Domestic Exchange Programme to January 16

The Government Saturday announced the extension of the expiration date of the invitation date for the Voluntary Domestic Debt Exchange to Monday, January 2023 ( at 1600 hours).

The Settlement Date for the Invitation is now expected to occur on Tuesday, January 24, 2023, “or as soon as practicable thereafter, but no later than the Longstop Date which is now scheduled for Tuesday, January 31 2023, unless further extended by the Government pursuant to the Invitation,” a press release from the Finance Ministry stated.

“The Announcement Date is now expected to occur on or about 17^thJanuary 2023″.

The previous deadline for the invitation was set at Friday, December 30, following the extension of the original deadline of Monday, December 19.

A press release on the development, issued by the Public Relations Unit of the Finance Ministry, also announced some modifications by the government on the invitation to the Exchange.

They are as follows:

i. Offering accrued and unpaid interest on Eligible Bonds, and a cash tender fee payment to holders of Eligible Bonds maturing in 2023;

ii. Increasing the New Bonds offered by adding eight new instruments to the composition of the New Bonds, for a total of 12 New Bonds, one maturing each year starting January 2027 and ending January 2038;

iii. Modifying the Exchange Consideration Ratios for each New Bond.  The Exchange Consideration Ratio applicable to Eligible Bonds maturing in 2023 will be different than for other Eligible Bonds;