Costa Rica News – The Ministry of Finance has informed, yesterday, November 19, that it has awarded two financial companies the contracts being concessioned for placement of internal debt.
These have a fixed placement of $100 million each.
It also awarded one of the intermediaries a “best effort” award for $400 million. This means that the company agrees with the Treasury to make the best possible effort to sell the issue among investors but it does not guarantee the placement is successful.
The contracts are in the signing process and will be executed between November 22 and December 12. The point of these contracts is to raise funds that allows the sale of bonds in the domestic market, where local banks and stock exchanges participate. Final investors, however, may be foreigners.
The resources generated will help the Treasury face end-of-year payments and remove some pressure on the exchange rate. The finance minister expects to receive $750 million before the end of the year, relieving pressure on the dollar.