On May 4th the National Assembly gave the green light to Belize biggest bond offering ever and now nearly 5 weeks later, the bond seems to be sputtering.
It's been a subject of speculation in political circles, where the opposition claims that the government doesn't have the long-term credibility to float such a large bond. For proof, the opposition points to Finance Minister Hon. Ralph Fonseca and Tourism Minister Hon. Mark Espat who have just returned from a whirlwind trip to financial capitals in Europe and the United States and, they came back empty handed.
Today government issued a statement countering those criticisms. It says that volatility in international finance markets have slowed things down but maintains that Investors are interested. Government is under pressure to sell the bond for under 10%; the last US $100 million bond offering in 2003 was sold for 9.85%.