CS helped Barbados restructuring

摘要

A syndicated loan from credit suisse played a critical part in Barbados' sovereign debt restructuring completed in December, according to a paper published by International Monetary Fund staff last week. The US$225m facility, first arranged in 2013, had a painful coupon structure. The interest payable was linked to the Caribbean country's credit raring, ratcheting up if it was downgraded That happened many times during the lifetime of the loan. Barbados was rated BBB+ by S&P in 2008, but by the end of 2017, six months before it defaulted, the interest rate had risen to 12% following several downgrades.