Sovereign Analysis / Suriname

Suriname launches consent solicitation, as expected

  • Republic seeks five-month payment deferral on its two bonds
  • Consent solicitation expires on 24 November
  • Standstill buys time to secure an IMF programme, but is prelude to a more comprehensive restructuring
Suriname launches consent solicitation, as expected

The Suriname government announced the launch of a consent solicitation for its two bonds, 9.875% 2023 and 9.25% 2026, on Saturday (14 November), seeking a five-month payment deferral, at the very least. This was expected following the Republic's announcement about not paying the coupon on the '26s on 26 October and the subsequent investor presentation on 30 October (see here).

The standstill buys time for the authorities to secure an IMF programme, but is likely a prelude to a more comprehensive restructuring.

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