NEW YORK, June 11 (Reuters) - Belize's $550 million bond was on track to close its strongest week in 14 months on Friday, ahead of the deadline on a proposal seeking bondholder consent to new terms.
Earlier this week, a group of the Central American country's creditors including U.S.-based GMO and Greylock as well as London-based Abrdn, said they would support the proposal, which seeks to stretch out to October 2021 any principal restatement related to the May 20, 2021, coupon payment that is currently on its 30-day grace period.
The Central American country extended last week its consent solicitation through 5 p.m. New York time on Friday.
The $550 million bond, which traded as low as 32.5 cents on the dollar in the second half of April, last traded at 40.25 cents, according to Refinitiv data, up 5 cents on the week, the most for any week going back to April 2020.
The price matches its May high and is the highest since early April.
The Central American country has been hit hard by the impact of COVID-19, with a sharp fall in tourism revenue and a rise in spending.
Back in March, the International Monetary Fund said Belize's public debt, at 133% of gross domestic product, is unsustainable and real GDP is not expected to return to 2019 levels until 2025. (Reporting by Rodrigo Campos; editing by Jonathan Oatis)
