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The price of Grenada’s bond, which matures in 2030, dipped slightly after Hurricane Beryl, as investors priced in a likely trigger of the clause. Before Beryl struck, Grenada’s finances were improving. In June, the IMF projected a budget surplus of 9.5 per cent of GDP this year.
This has partly been based on a surge in sales of Grenadian citizenship to investors who can use its passport to access US investment visas and visa-free travel to several countries. Bondholders also receive a portion of the citizenship sales as part of the restructured debt.
“From a financial perspective, they didn’t necessarily have to trigger the clause, but it was their right to do so, and I don’t think anyone will criticise the triggering,” de Sousa said.
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Publish date : 2024-08-22 12:59:00
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