Caribbean: Key Features of Recent Debt-Restructuring Cases
|Targeted Debt||Preemptive or Post Default||Announcement of Restructuring||Start of Negotiation||Final Exchange Offer||Date of Exchange||Total Duration (months)||Debt Exchanged1 (US$ billion)||IMF Program||Cut in Face Value2 (%)||Outstanding Instruments Exchanged||New Instruments|
|Belize||External bonds and loans||Preemptive||Aug. 2006||Aug.2006||Dec. 2006||Feb. 2007||6||0.52||No||0.0||Seven bonds, eight loans||One bond|
|Belize||External bonds||Preemptive||Aug. 2012||Aug.2012||Feb. 2013||Mar. 2013||7||0.55||No||10.0||One bond||One bond|
|Belize3||External bonds||Preemptive||Dec. 2016||Dec. 2016||…||…||…||…||No||0.0||No exchange||No exchange|
|Grenada||External and domestic bonds and loans||Preemptive||Oct. 2004||Dec. 2004||Sep. 2005||Nov. 2005||13||0.21||Yes||0.0||Seven external bonds, nine domestic bonds, two external loans, six domestic loans||One US$ bond and one EC$ bond|
|Grenada||External and domestic bonds and loans||Post default||Mar. 2013||Apr. 2013||Nov. 2015||Nov. 2015||31||0.26||Yes||50.0||One US$ bond and two EC$ bonds||One US$ bond and two EC$ bonds|
|Jamaica||Domestic bonds||Preemptive||Jan. 2010||Jan. 2010||Jan. 2010||Feb. 2010||8||7.8||Yes||0.0||About 350 US$- and J$-denominated domestic bonds||25US$-and J$-denominated domestic bonds|
|Jamaica||Domestic bonds||Preemptive||Feb. 2013||Feb. 2013||Feb. 2013||Feb. 2013||1||8.9||Yes||0.0||11 external bonds, two domestic bonds, four loans||One US$ bond and one EC$ bond|
|St. Kitts and Nevis||External bonds and loans, and domestic bonds and loans||Preemptive||Jun.2011||Aug.2011||Feb. 2012||Mar. 2012||10||0.14||Yes||32.8||28 US$- and J$-denominated domestic bonds and loans||26US$-and J$-denominated domestic bonds and loans|
Total eligible debt to be restructured in the debt operation.
Excludes past due interest; for Belize, missed coupon payments were added to the face value of the new bond (about 7 percent), resulting in a net face value haircut of about 3 percent.
Negotiations to change the amortization schedule and coupon rate were completed on March 15, 2017.