Belize issues $137 million of bonds

By Reshmi Basu

New York, March 29 - The government of Belize issued more than $137 million in bonds, according to a news release by law firm Hunton & Williams LLP

The first issuance totaled $65.44 million and carries a five-year repayment term. The second issuance totaled $71.8 million and is repayable in 10 years.

The deals closed on March 10 and March 15, respectively.

The bonds were issued through Cayman Island special purpose vehicles, which were specifically set up for these transactions.

Bear Stearns and Artemis Global Finance are the underwriters. Steadfast Insurance Co., a subsidiary of Zurich Financial Services Group, is providing financial insurance for the bonds.

The investor group is comprised primarily of European banks.

The proceeds will be used to pay down existing debt and fortify Belize's reserves.

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