Bonds issued at par. Bearer bonds maturing between 10-20 years. Bond has amortization feature in which a set proportion of bonds are redeemed semi-annually. Bonds issued at discount. Registered 20 year amortizing bonds initially offered at par.
Bond has amortization feature in which a set proportion of bonds are redeemed semi-annually.
Both capitalized interest and principal payments are made after a 10 year grace period. Value Recovery Rights or Warrants Mexico, Venezuela, and Nigeria have attached to their Par and Discount bonds rights or warrants which grant bondholders the right to recover a portion of debt or debt service reduction as stated in the exchange agreements, should their debt servicing capacity improve. For these countries whose economies are closely linked to the price of oil, an increase in oil export prices will increase the price of the warrant. In effect, some are known as Oil Warrants because they are linked to oil export prices and thus to the oil export receipts. For example, Mexico in their Brady agreement provided Value Recovery Rights to the holders of the Discount Bond and Par Bonds.