CAF to require members in economic distress to swap shares for debt – internal document

CAF to require members in economic distress to swap shares for debt – internal document

Debt Equity Corporate & Sovereign Strategy Economy & Policy Venezuela

The board of directors of the Latin American development bank CAF on Tuesday approved a program that would require member countries that are in situations of exceptional macroeconomic distress to swap up to 20% of their B shares to pay off overdue debt to the bank, according to a document seen by LatinFinance. The document, labeled "strictly confidential and privileged," was provided to LatinFinance by a source with knowledge of the situation. Under the program, the rule will apply automatically

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