This exchange program had opened on August 25, 2023, and was part of the country's efforts to navigate through the economic challenges posed by the COVID-19 pandemic.
The Ministry of Finance disclosed that approximately 92% of eligible bondholders had tendered their Eligible Bonds, as determined by the Central Securities Depository. This high participation rate demonstrated the strong response to the government's Invitation to Exchange.
The government expressed its satisfaction with the results, stating that it was a substantial achievement in line with their economic strategies for the post-COVID-19 Programme for Economic Growth (PC-PEG). These bonds' exchange is viewed as an essential step in managing the economic crisis brought about by the pandemic.
To facilitate the efficient settlement of the New Bonds, the government decided to extend the Settlement Date from the initially announced September 1, 2023, to September 4, 2023. This adjustment in the settlement schedule will also result in corresponding changes to the issue date, interest accrual schedules, and payment schedules for the New Bonds.
It's worth noting that apart from these changes in the settlement timeline, the terms and conditions of the Invitation to Exchange remain unaltered. As the Invitation Period has now expired, the government emphasized that it would not accept new tenders, revocations, or withdrawals.
Bondholders seeking further information or clarifications were encouraged to refer to the Exchange Memorandum or get in touch with the Central Securities Depository (CSD).
This successful exchange of USD-denominated bonds is seen as a positive step towards strengthening the country's economic resilience in the face of ongoing global challenges.