Belize Set for Default

Belize faced the end of a 30-day grace period to make a $23m coupon payment Wednesday afternoon, with no immediate news as to whether any agreement has been reached with creditors. More details were expected today, according to investors following the process. Prior to entering the grace period last month, the government released three possible restructuring scenarios involving haircuts and maturity extensions. However, Belize has not seemed in urgent need to reach a compromise, saying it does not anticipate a need to borrow externally in the near future. There is $544m outstanding in Belize’s 2029 Superbonds.