The government has officially closed the domestic debt exchange programme (DDEP), which was launched on December 5, 2022, but has provided an administrative window for bondholders facing technical difficulties.
This window ends on February 10, 2023, at 4:00 p.m. GMT, the Ministry of Finance said in a communique Tuesday evening.
This administrative window is in response to the terms of the exchange as amended in the 2nd Amended and Restated Exchange Memorandum. The timetable of the exchange remains unchanged except for the announcement date.
The government expressed gratitude to all bondholders who tendered their bonds and reminded them of the administrative window to complete the tendering process.
“The Domestic Debt Exchange launched by the Government has officially closed today. Government wants to use this opportunity to thank all bondholders who tendered their bonds. However, it has come to the attention of Government that some bondholders faced technical glitches as they tried to complete the tender processes online. As a result, Government is providing bondholders an administrative window to complete processes for tendering their bonds, in response to the terms of Exchange as amended pursuant to the 2nd Amended and Restated Exchange Memorandum,” the statement read in part.
The announcement date is now expected to occur on February 13, 2023 and the settlement date remains on February 14, 2023.
“Except as set forth in this paragraph, the terms and conditions of the Exchange are not modified or amended,” the statement added.
Capitalized terms used but not defined herein have the meaning ascribed to such
terms in the 2nd Amended and Restated Exchange Memorandum, the Finance Ministry said.
All Eligible Bondholders who were unable to complete the process should visit the website of the Central Securities Depository to complete the process.