Approval to Issue Eurobonds

The Legislative Assembly of Costa Rica approved in second debate the bill that authorizes the government to issue up to $1.5 billion in bonds in the international market.

Wednesday, July 17, 2019

The Ministry of Finance (MH) reported that with the approval of Bill No. 21.201, which was made on July 16 as planned, the Executive is authorized to administer, issue and manage financing operations in the international market up to an amount of $1.5 billion (one thousand five hundred million U.S. dollars), during the following year after the law was approved.

Although the initial plan of the MH was to place $6 billion over six years, the Commission in charge of the file modified the text so that the limit would be $1.5 billion.

According to the bill approved today, once the placements are made, the Treasury Ministry must report to the Legislative Assembly and the Comptroller General of the Republic, a state of origin and application of the funds, expressly indicating the issuance of internal and/or external debt that is paid with such resources, the MH explained in a press release.

Nogui Acosta, Minister of Finance a.i., said that "... from the approval of the law, the Treasury will begin the formation of the teams required for the respective contracts and determine the right time to access the market. While these $1.5 billion come to solve short-term financing problems, this Portfolio will continue to promote the approval of new projects that will allow for a comprehensive medium-term financing plan."

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More on this topic

Costa Rica Postpones Eurobonds to 2021

March 2020

Treasury authorities announced that plans for this year are to negotiate with the Legislative Assembly for approval to issue debt in the international market, and if approved, the issuance would take place in 2021.

Last year the executive branch's plans were to issue $6 billion in Eurobonds, but the Legislative Assembly approved the issuance of only $1.5 billion, arguing that the amount proposed at the beginning was too high.

Costa Rica: Government Urges to Issue More Eurobonds

September 2019

The Ministry of Finance plans to present a new bill in the Legislative Assembly to issue $4.5 billion in foreign debt bonds next year.

The amount that will be requested is what is needed to reach the $6 billion that was requested this year before Congress, of which only $1.5 billion was authorized.

Costa Rica is Closer to Issuing Eurobonds

July 2019

The Legislative Assembly approved in first debate the issuance of $1.5 billion in debt securities in the international market, which in the opinion of the rating agencies, helps to reduce uncertainty about the government's ability to meet its financing needs.

The Treasury Department's initial plan was to issue $6 billion within six years, however, the committee in charge of the file modified the text so that the limit would be $1.5 billion.

$1.5 Billion in Eurobonds Approved

May 2019

The bill that in Costa Rica authorizes the Alvarado administration to issue $1.5 billion in debt in the international market has already taken the first step in the Legislative Assembly.

At the beginning, the Treasury Department requested authorization to issue $6 billion within six years, however, the committee in charge of the file modified the text so that the limit would be $1.5 billion.

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