Obligation Beliza 4.938% ( USP16394AG62 ) en USD

Beliza

100 % ▲

Belize

USP16394AG62 ( en USD )

4.938% par an ( paiement semestriel )

19/02/2034

Prospectus brochure de l'obligation Belize USP16394AG62 en USD 4.938%, échéance 19/02/2034

100 USD

526 502 100 USD

P16394AG6

20/08/2025 ( Dans 68 jours )

Le Belize est un pays d'Amérique centrale bordé par le Mexique au nord, le Guatemala au sud et à l'ouest, et l'océan Atlantique à l'est, réputé pour sa barrière de corail, sa jungle luxuriante et son riche patrimoine maya.

L'Obligation émise par Beliza ( Belize ) , en USD, avec le code ISIN USP16394AG62, paye un coupon de 4.938% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/02/2034

LUXEMBOURG LISTING MEMORANDUM
DATED JUNE 4, 2013
BELIZE
U.S.$ 529,928,800 Dollar Bonds Due 2038 (ISIN US07782GAG82 and USP16394AG62)

Belize issued the U.S. Dollar Bonds Due 2038 (the "2038 Bonds") pursuant to an offer to
exchange (the "Offer") the 2038 Bonds for the claims listed on Schedule A of this listing memorandum
("Eligible Claims"), The Offer expired on March 8, 2013 and the exchange closed on March 20, 2013.
The 2038 Bonds are general, direct, unconditional, unsubordinated and unsecured obligations of Belize
and rank equally with all other existing and future unsubordinated and unsecured Public Debt of Belize.
The 2038 Bonds are backed by the full faith and credit of Belize.
The 2038 Bonds have been issued pursuant to an indenture with The Bank of New York Mellon,
as Trustee for the bondholders (the "Indenture"), and will be governed by the law of the State of New
York.
An investment in the 2038 Bonds involves a high degree of risk. See "Risk Factors" beginning
on page 14 of this listing memorandum.
The 2038 Bonds have not been, and will not be, registered under the U.S. Securities Act of 1933,
as amended (the "Securities Act") or the securities laws of any other jurisdiction. The 2038 Bonds will be
offered only to "qualified institutional buyers" in the United States under Rule 144A of the Securities Act
and to persons outside the United States under Regulation S of the Securities Act. The 2038 Bonds are
subject to restrictions on resale under applicable law. See "Notice to Investors".
Delivery of the 2038 Bonds was made on March 20, 2013. The 2038 Bonds were delivered in
book-entry form through the facilities of The Depository Trust Company, Euroclear Bank S.A./N.V. and
Clearstream Banking, société anonyme, and were accepted for clearing and settlement.
Application has been made to list the 2038 Bonds on the Luxembourg Stock Exchange and for
admission of the 2038 Bonds for trading on the Euro MTF Market. This listing memorandum constitutes
a "prospectus" for the purposes of Part IV of the Luxembourg Act dated 10 July 2005 on prospectuses for
securities and may be used only for the purposes for which it has been published.
Neither the United States Securities and Exchange Commission, or the "SEC," nor any regulatory
body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this
listing memorandum. Any representation to the contrary is a criminal offense.

MAP OF BELIZE

TABLE OF CONTENTS
Presentation of Certain Information .............................................................................................................. 1
Exchange Rates ............................................................................................................................................. 2
Governing Law and Enforcement of Claims ................................................................................................ 3
Forward-Looking Statements ........................................................................................................................ 4
Summary ....................................................................................................................................................... 5
The 2038 Bonds ............................................................................................................................................ 7
Risk Factors ................................................................................................................................................ 11
Belize .......................................................................................................................................................... 14
Recent Developments ................................................................................................................................. 30
Domestic Economy ..................................................................................................................................... 34
External Economy ....................................................................................................................................... 60
Public Finance ............................................................................................................................................. 73
Public Debt.................................................................................................................................................. 80
The Monetary System ................................................................................................................................. 91
Terms and Conditions of the 2038 Bonds ................................................................................................. 112
Book-Entry Settlement and Clearance ...................................................................................................... 128
Listing and Listing Agent ......................................................................................................................... 132
Notice to Investors .................................................................................................................................... 133
Taxation .................................................................................................................................................... 136
Official Statements .................................................................................................................................... 137
Legal Matters ............................................................................................................................................ 138
General Information .................................................................................................................................. 139
Schedule A Eligible Claims ................................................................................................................... A-1

i

No dealer, salesperson or other person is authorized to give any information or to represent
anything not contained in this listing memorandum. You must not rely on any unauthorized
information or representations. The information contained in this listing memorandum is current
only as of this date.
In this listing memorandum, references to the "Government" are to the Government of Belize.
References to the "Exchange Agent" are to Citibank, as Exchange Agent for the Offer; references to the
"Trustee" are to The Bank of New York Mellon, as Trustee under the indenture for the the Indenture for
the 2038 Bonds, as the context may require; and references to the "Information Agent" are to D.F. King &
Co., Inc., as Information Agent for the Offer.
After having made all reasonable inquiries, Belize confirms that:
the information contained in this listing memorandum is true and correct in all material
respects and is not misleading in any material respect as of the date of this listing
memorandum;
it holds the opinions and intentions expressed in this listing memorandum;
it has not omitted other material facts, the omission of which makes this listing memorandum
as a whole misleading as of the date of this listing memorandum; and
it accepts responsibility for the information it has provided in this listing memorandum.
Belize has not authorized the making or provision of any representation or information regarding
Belize or the Government or the 2038 Bonds to you other than as contained in this listing memorandum.
Any such representation or information should not be relied upon as having been authorized by the
Government or any of its instrumentalities. Belize does not assume responsibility for information other
than as provided in this listing memorandum. Neither the delivery of this listing memorandum nor any
aspect of the Offer shall under any circumstances imply that there has been no change in the condition
(financial or other) of Belize since the date of this listing memorandum.
In making an investment decision, you must rely on your own examination and evaluation of
Belize and the terms of the 2038 Bonds, including the merits and risks involved. You should consult your
own advisors as needed to make your investment decision and as to whether you are legally permitted to
acquire the 2038 Bonds under applicable legal investment or similar laws or regulations.
Belize is listing the 2038 Bonds in reliance on exemptions from the registration requirements of
the Securities Act. These exemptions apply to sales of securities that do not involve a public offering.
The 2038 Bonds have not been recommended by any U.S. or non-U.S. securities authorities, and these
authorities have not determined that this listing memorandum is accurate or complete. Any representation
to the contrary is a criminal offense.
The 2038 Bonds will be subject to restrictions on resale under applicable law. See "Notice to
Investors" in this listing memorandum. Holders of the 2038 Bonds will be deemed to have represented
and warranted to the effect set forth in, and agreed to, all the provisions contained in that section of this
listing memorandum.
ii

Notice to New Hampshire Residents Only
Neither the fact that a registration statement or an application for a license has been filed under
Chapter 421-B of the New Hampshire Revised Statutes with the State of New Hampshire, nor the fact that
a security is effectively registered or a person is licensed in the State of New Hampshire, constitutes a
finding by the Secretary of State that any document filed under Chapter 421-B is true, complete and not
misleading. Neither any such fact, nor the fact that an exemption or exception is available for a security
or a transaction, means that the Secretary of State has passed in any way upon the merits or qualifications
of, or recommended or given approval to, any person, security or transaction. It is unlawful to make, or
cause to be made, to any prospective purchaser, customer or client any representation inconsistent with
the provisions of this paragraph.

iii

PRESENTATION OF CERTAIN INFORMATION
Economic and financial data and statistical information included in this listing memorandum are
based upon the latest official data and information available at the date of this listing memorandum.
Economic and financial data and statistical information provided in this listing memorandum may be
subsequently revised in accordance with Belize's ongoing review of such data and information, and
Belize is not obligated to distribute such revised data and information to any investor. Economic and
financial data and statistical information for 2010, 2011 and 2012 may, in particular, be subject to
revision. In addition, some economic and financial data and statistical information for 2010 and 2011 as
well as all such data and information for 2012 presented herein are estimates based on the latest available
data.
Unless indicated to the contrary, estimates in this listing memorandum are estimates of the
Ministry of Finance of Belize or the Central Bank of Belize. The Government operates on a fiscal year
beginning April 1 and ending March 31. References to a single year (e.g., "2010") refer to the calendar
year ending December 31, and references to fiscal year (e.g., "fiscal year 2010/11") refer to Belize's fiscal
year ending March 31.
In this listing memorandum, all references to "Belize dollars" and "Bz.$" are to the lawful
currency of Belize, all references to "U.S. dollars" and "U.S.$" are to the lawful currency of the United
States of America and all references to "Euro" and "" are to the lawful currency of the European
Economic and Monetary Union. Belize publishes external economy information, such as external debt
and goods and services exported, in U.S. dollars. All international currencies, such as external debt
denominated in Euro, are translated into U.S. dollars. Belize publishes domestic economy information in
Belize dollars.
Gross domestic product, which we refer to in this listing memorandum as "GDP", is a measure of
the total value of final products and services produced in a country in a specific year. Nominal GDP
measures the total value of final production in current prices. Real GDP measures the total value of final
production in constant prices of a particular year, thus allowing historical GDP comparisons that exclude
the effects of inflation. Under the 1993 System of National Accounts, GDP figures may be calculated at
(1) nominal market prices or (2) constant market prices of a particular year. Unless otherwise indicated,
all GDP figures in this listing memorandum are presented at real market prices based upon constant 2000
prices and ratios of debt, balance of payment indicators and fiscal performance indicators to GDP are
computed using nominal GDP figures. Nominal GDP at market prices was U.S.$1,447.5 million in 2011
as compared to U.S.$1,398.5 million in 2010.
Gross imports may be measured on a cost, insurance and freight basis, which we refer to in this
listing memorandum as "cif", or on a free-on-board basis, which we refer to in this listing memorandum
as "fob". For balance of payments purposes, imports and exports are calculated based upon entry and
departure statistics on a free-on-board basis at a given point of departure, unless otherwise indicated.
The inflation rate provides an aggregate measure of the rate of change in the prices of goods and
services in the economy. Belize measures the inflation rate by the percentage change between two
periods in the consumer price index, which we refer to in this listing memorandum as the "CPI", unless
otherwise specified. The CPI is based on a basket of goods and services identified by the Central
Statistical Office that reflects the pattern of consumption of Belizean households. The price for each
good and service that makes up the basket is weighted according to its relative importance in order to
calculate the CPI. The annual average percentage change in the CPI is calculated by comparing the
average index for the four quarters of a given year, against the average index for the four quarters of the
immediately preceding calendar year.
1

Since September 2006, Belize has participated in the International Monetary Fund's (IMF)
General Data Dissemination System (GDDS) which provides a framework for Belize to enhance its
statistical capacity, especially for macroeconomic statistics. It also provides for comprehensive
information on Belize's statistical production and dissemination practices to be posted on the IMF's
Dissemination Standards Bulletin Board. The GDDS framework also includes precise guidelines for
countries to use when publishing reserves data.
We use the term "N/A" to identify data that is not presented for a particular period because it is
not available for that period. We use the term "n/a" to identify data that is not presented for a particular
period because it is not applicable to that period.
A "ton" is 2,000 pounds, a "tonne" is 2,204.6 pounds and a "long ton" is 2,240 pounds.
Totals in certain tables in this listing memorandum may differ from the sum of the individual
items in such tables due to rounding.
EXCHANGE RATES
The Belize dollar has been pegged to the U.S. dollar at a rate of Bz.$2.00 to U.S.$1.00 since May
1976.
2

GOVERNING LAW AND ENFORCEMENT OF CLAIMS
Belize is a foreign sovereign state. It may be difficult for you to obtain or enforce judgments of
courts in the United States or elsewhere against Belize.
The 2038 Bonds and the indenture will be governed by the law of the State of New York.
In the indenture and the 2038 Bonds, Belize will irrevocably submit to the non-exclusive
jurisdiction of any U.S. federal or New York state court sitting in the City of New York and any appellate
court thereof, over any suit, action or proceeding against Belize or its properties, assets or revenues with
respect to the 2038 Bonds or the indenture.
Except as provided below, Belize will irrevocably waive and agree not to plead, to the fullest
extent permitted by applicable law, any immunity (sovereign or otherwise) from the jurisdiction of such
courts in connection with any action arising out of or in connection with the 2038 Bonds or the indenture.
Without limiting the generality of the foregoing, Belize will agree that such waivers shall have the fullest
scope permitted under the U.S. Foreign Sovereign Immunities Act of 1976, except as provided below.
Belize reserves the right to plead sovereign immunity under any applicable law, including, without
limitation, the U.S. Foreign Sovereign Immunities Act of 1976, with respect to actions brought against it
under U.S. federal securities laws or any state securities laws. In the absence of a waiver of sovereign
immunity by Belize in such a securities law-based action, it would not be possible to obtain a U.S.
judgment in such an action unless a court were to determine that Belize is not entitled to sovereign
immunity under the U.S. Foreign Sovereign Immunities Act of 1976 with respect to such action. Belize
will waive, to the fullest extent permitted under applicable law, any objection to any action arising out of
or in connection with the 2038 Bonds or the indenture in such courts whether on the grounds of venue,
residence or domicile or on the ground that the proceedings have been brought in an inconvenient forum.
There is no agreement between Belize and the United States for the reciprocal enforcement of
each other's judgments. However, subject to the discussion of attachment and execution in the next
paragraph below, it may be possible to enforce U.S. judgments in Belize under the general rules of
conflict of laws without any retrial or reexamination of the merits of the original action by a Belizean
court.
Belize is subject to suit in the Supreme Court of Belize, the Court of Appeal in Belize and the
Caribbean Court of Justice in Trinidad and Tobago. Section 25(4) of the Crown Proceedings Act,
Chapter 167 of the Laws of Belize, Revised Edition 2000-2003, provides that no execution or attachment
shall be issued by any court in Belize for the purpose of enforcing payment by Belize of any money or
costs. Execution or attachment means a legal process whereby the debtor's property is taken under an
order of the Court and may be sold to satisfy the judgment debt. No such order can be made by a
Belizean court against Belize. Instead, the Crown Proceedings Act provides that where in any civil
proceedings by or against Belize, any order (including an order for costs) is made by any court in Belize
in favor of any person against Belize, the proper officer of the court shall, on an application and after
taxing of costs, issue a certificate to such person which may be served upon the Attorney General or the
Financial Secretary of Belize. If the order provides for the payment of money or costs, the Ministry of
Finance normally shall pay the amount due to such person. In some cases, the courts of Belize may not
enforce the judgment of a foreign court if such judgment is contrary to the public policy of Belize, e.g.,
where the judgment was not given by a competent court having jurisdiction over Belize or to whose
jurisdiction Belize had not submitted by agreement, or where the judgment was obtained by fraud.
3

FORWARD-LOOKING STATEMENTS
This listing memorandum includes forward-looking statements that reflect Belize's current views
with respect to future events. The words "expects", "intends", "anticipates", "believes", "projects",
"estimates" and similar expressions identify forward-looking statements. These forward-looking
statements are based upon estimates and assumptions made by Belize or its officials that, although
believed to be reasonable, are subject to certain known and unknown risks and uncertainties. These risks
and uncertainties include, among others, the following:
political, economic and other conditions in Belize and globally;
the actual rates of growth, if any, for GDP and other economic indicators of Belize in any
relevant year or other period;
the financial condition of Belize;
changes in interest rates or exchange rates;
a reduction in the foreign currency reserves of Belize;
legislative, regulatory or administrative initiatives affecting businesses, financial institutions
and foreign investment in Belize;
the financial condition and liquidity of banks and other financial institutions in Belize;
climatic or geological occurrences;
trade and tariff policies of Belize's trading partners;
declines in the Government's tax revenues;
receipt of bilateral and multilateral donor financing;
Belize's ability to execute its comprehensive debt management strategy;
prevailing conditions in domestic international and multilateral lending markets and domestic
and international capital markets, which may affect the Government's ability to finance
budgetary requirements and to refinance outstanding debt and other obligations; and
other factors identified in this listing memorandum.
All forward-looking statements contained in this listing memorandum are qualified in their
entirety by these factors. You are cautioned not to place undue reliance on these forward-looking
statements. Belize disclaims any obligation or undertaking to publicly update or revise any forward-
looking statement contained in this listing memorandum, whether as a result of new information, future
events or otherwise. Future events or circumstances could cause actual results to differ materially from
historical results or those anticipated.
4

SUMMARY
This summary highlights information contained in this listing memorandum and may not contain
all of the information that may be important to you. You should read this summary along with the more
detailed information elsewhere in this listing memorandum.
Selected Economic Information

Year ended December 31,
As of
Sept. 30,

2007
2008
2009
2010
2011
2012

(in millions of U.S.$ unless otherwise indicated)
Domestic Economy:

Nominal GDP ............................................................
1,276.8
1,363.5
1,349.0
1,398.5
1,447.5
n.a.
Nominal GDP per capita (U.S.$/person) ....................
4,121.7
4,233.2
4,048.6
4,468.5
4,476.4
n.a
Real GDP at constant 2000 prices .............................
1,147.0
1,188.2
1,188.8
1,221.2
1,245.1
998.7
Change in real GDP(%) .............................................
1.3
3.6
0.0
2.7
2.0
5.8
Inflation rate (%)(1) .....................................................
2.3
6.4
(1.1)
0.9
1.5
1.4
Interest rates (%)

Weighted average lending rate(2)..........................
14.3
14.1
14.0
13.8
13.0
12.2
Weighted average deposit rate(2) ..........................
6.0
6.4
6.1
5.6
3.7
2.8
Treasury bill yield(3) .............................................
3.2
3.2
3.2
2.7
2.2
2.0
Unemployment rate (%)(4) ..........................................
8.5
8.1
13.1
n.a.
n.a.
14.4
Average annual nominal exchange rate(5) ...................
2:1
2:1
2:1
2:1
2:1
2:1
External Economy:

Total current account .................................................
(52.1)
(144.9)
(79.3)
(40.0)
(19.9)
(31.0)
Of which:

Goods balance .....................................................
(216.4)
(308.2)
(236.5)
(168.9)
(174.6)
(131.1)
Services balance ..................................................
229.9
216.9
182.7
175.5
169.1
125.6
Income balance ....................................................
(159.0)
(165.2)
(104.9)
(138.5)
(98.2)
(86.8)
Transfers balance .................................................
93.4
111.5
79.4
91.8
83.7
61.3
Total capital and financial account .............................
123.7
214.5
139.4
33.4
44.7
54.6
Of which:

Capital account ....................................................
4.1
9.0
18.5
5.6
25.8
21.9
Foreign direct investment ....................................
142.2
166.9
108.4
96.1
94.7
128.3
Overall balance of payments ......................................
22.9
57.9
47.3
4.3
18.1
35.6
Increase in official international reserves ..................
22.9
57.9
47.3
4.3
18.1
35.6
Gross official international reserves (year-end)(6) .......
108.5
166.4
213.7
218.0
236.1
271.7
Of which:

Central Bank
98.8
155.6
205.7
209.6
227.7
263.3
Government
9.7
10.8
8.0
8.4
8.4
8.4
Equivalent weeks of imports (in months)(9) ................
2.3
2.8
4.2
4.5
4.3
4.5
Public Finance:(7)

Revenue and grants ....................................................
365.7
388.9
367.8
388.8
417.8
205.8
Of which:

Current revenue ...................................................
338.0
343.2
348.6
383.1
397.3
195.4
Capital revenue ....................................................
15.1
2.2
2.4
2.3
3.9
1.1
Grants ..................................................................
12.6
43.5
16.8
3.4
16.6
9.3
Expenditure ................................................................
374.5
383.7
384.2
412.5
433.7
201.3
Of which:

Current expenditure .............................................
300.7
316.9
334.4
341.0
362.2
168.5
Capital expenditure ..............................................
73.8
66.8
49.8
71.5
71.5
32.8
Primary balance .........................................................
49.4
57.2
32.2
24.8
34.1
17.8
Overall balance (after grants) .....................................
(8.9)
5.2
(16.4)
(23.7)
(15.9)
4.5
Ratio of total revenue and grants to nominal

GDP (%) ..................................................................
28.2
28.6
27.0
27.6
28.6
n.a.
Ratio of total expenditure to nominal GDP (%) .........
28.8
28.2
28.2
29.2
29.7
n.a.
Ratio of primary balance to nominal GDP (%) ..........
3.8
4.2
2.4
1.8
2.3
n.a.
Ratio of overall balance to nominal GDP (%) ............
(0.7)
0.4
(1.2)
(1.7)
(1.1)
n.a.
Public Debt:

Domestic public sector debt(8) ....................................
168.5
172.7
164.2
187.5
228.4
236.5
Percentage of nominal GDP ................................
13.2%
12.7%
12.2%
13.4%
15.8%
n.a
External public sector debt .........................................
971.9
957.9
1,016.0
1,011.1
1,022.7
1,018.9
Percentage of nominal GDP ................................
76.1%
70.3%
75.3%
72.3%
70.7%
n.a
Government guaranteed debt(9) ...................................
10.7
10.9
9.2
6.9
0.7
0.6
5