The government has extended the settlement date for bonds under the domestic debt exchange programme by one more week after achieving about 85 percent participation rate.
The old settlement date of February 14 has now been pushed further to February 21, 2023.
According to the government, the move is to give it adequate time to properly process the settlement of the new bonds.
“To provide sufficient time to settle the New Bonds in an efficient manner, the Government is extending the Settlement Date of the Exchange from the previously announced 14th February 2023 to 21st February 2023”, the Ministry of Finance said in a statement.
The issue date, interest accrual schedules and payment schedules for the new bonds will be adjusted to reflect the actual settlement date.
No new tenders will be accepted, and no revocations or withdrawals are permitted following the expiration of the exchange period.
In the statement, the government announced the results of the Domestic Debt Exchange Programme (DDEP) which closed on February 10, 2023.
“The government is pleased with the results, as a substantial majority of the eligible holders have tendered”, it said.
In addition, the government is modifying the six-month “clear market” provision of the new bonds as set forth in the Exchange Memorandum to clarify that such clear market provision will not limit the Government from issuing Domestic Public Indebtedness in connection with liability management exercises involving exchanges or similar exercises that do not involve the issuance of Domestic Public Indebtedness for cash consideration.