Leading Investment Firms Express Support for Superbond Takeover



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Posted: Saturday, September 11, 2021. 9:20 a.m. CST.

By Aaron Humes: Belize’s offer to buy back and withdraw the “Superbond”, officially launched on Thursday, is well underway, Reuters reports.

Investment firms Vontobel and Candriam have now expressed their support for the groundbreaking proposal made possible through collaboration with The Nature Conservancy.

Support in principle had already been secured from bondholders who own about 50% of the bonds and approval is needed from 75% of bondholders.

According to Reuters, Vontobel owns around 10% of the bonds. A strategist from the investment firm reportedly said, “It’s a good solution. The salvage value could have been higher, but that’s okay… It’s also positive from a broader market perspective that sovereigns are finding creative ways to address these issues.

Candriam still holds 2.2% of the bonds.

Reuters has also contacted other holders. The Austrian Kepler Fund told the media that it had not yet made a decision. He owns 2% of the bonds.

This week in the Senate, senior opposition senator Michael Peyrefitte said Venezuela’s support will be significant as it owns around 10% of the bonds, however, Reuters rightly points out that it may not be in able to participate given US sanctions against those who engage financially with Venezuela. Reuters notes that the money should flow through the US financial system.

Offer must be settled by November 19.

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