Suriname: Restructuring terms offer upside

  • After three years in default, Suriname and bondholders announced in-principle agreement on restructuring terms on 3 May

  • Two existing bonds will be exchanged into a new one, after a 25% haircut, and a security with payments linked to oil

  • The VRI could give investors more upside if Suriname's oil boom materialises and offers a template for other defaults
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