Tuesday 28 September 2021

Costa Rica: A Step Backwards for Debt Issuance

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Arguing that the financial conditions and the term of the operation were not adequate, the Ministry of Finance has decided not to issue $1,5 billion in debt bonds in the local market.

The Ministry of Finance reported on March 13 that the placement of US$1.5 billion in internal debt through the modality of placement contract was declared void.

The announcement was made by the Ministry of Finance through a Relevant Fact sent to the General Superintendence of the Securities Market.

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“… The Ministry of Finance announced that due to financial conditions and the deadline for delivery of the operation, which do not reflect the interests of this ministry, it is not feasible to complete the assigned contract for the issuance, for which it has been declared terminated without an assignment,” the entity reported in a note signed by Martha Cubillo, Vice Minister of Revenue.”

Source (in Spanish): La Nacion

 

 

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