Following two credit rating upgrades, the Government will be raising new debt on the international market in an effort to make a downpayment of US$1.76 billion in existing global bonds.
The move is part of the process to reduce the country's debt burden by exchanging old bonds for new and presumably less expensive issuances.
The Ministry of Finance said there are plans to list the new bonds in Europe on the Euro MTF Market of the Luxembourg Stock Exchange.
Existing bondholders within three specific notes maturing in 2025 and 2028 totalling US$1.76 billion can opt to cash out their bonds.
Participating bondholders will receive cash for their notes by early November.
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