Government Achieves $202 Million Swap

In the first of the two days of the swap of debt securities convened by the Finance Ministry of Costa Rica $202 million were successfully negotiated, amount that represents only 6% of the total balance expected to exchange.

Friday, October 26, 2018

To swap debt securities that expire between 2018 and 2020, for others with longer deadlines, the Government of Costa Rica organized an auction on October 25 and 26. According to the authorities of the Finance Ministry, bonds totaling ¢120. 881 million ($202.2 million) were swapped in the first day.

Regarding the results, Mauricio Arroyo, National Assistant Treasurer, said to Nacion.com that "... The debt securities swapped correspond to issues scheduled to expire between January and December 2019. A positive point was that investors accepted the yield offered by the Treasury".

Jhonny Mora, director of Investment Funds of Grupo Acobo, explained that "... The result of this Thursday's auction is considered "very good", as it is an amount equivalent to $200 million. Although the sum of the series (of bonds) summoned is much greater, it does not stop lowering pressure in the series with expiration 2019."

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