Sovereign Analysis /
Suriname

Suriname: Proposed restructuring terms surprise with large haircut

  • Government seeks 70% nominal haircut on bonds, as well as maturity extension and lower coupons

  • We value the offer at about US$20, some 45pts below current prices for the '26s

  • Bondholders likely to reject the government's proposed terms, leading to protracted negotiations; downgrade to Sell

Suriname: Proposed restructuring terms surprise with large haircut
Stuart Culverhouse
Stuart Culverhouse

Head of Sovereign & Fixed Income Research

Tellimer Research
3 June 2021
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