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2009–2010 Conversion Offer

The Conversion Offer—the largest liability management exercise ever extended by the IDB to its borrowing shareholders—provided the option to customize adjustable rate loans’ characteristics to new market rate features. The conversion offer allowed to: i) convert disbursed and undisbursed loan balances with adjustable rate (ADJ) under the Single Currency Facility (SCF) and Currency Pooling System (CPS) products into USD LIBOR-based or fixed-rate or any combination thereof, and ii) dollarize existing CPS loans.

The Conversion Offer had two execution dates: August 1, 2009 and August 1, 2010, with sign-up periods ending on June 30, 2009 and June 30, 2010, respectively.

By the end of the second execution date, the Conversion Offer achieved a 92 percent participation rate for a total converted amount of $32 billion of outstanding debt. 24 borrowing countries and 44 other entities with sovereign guarantee benefited from this offer. Similarly, 88 percent of outstanding loans under the CPS product were dollarized.

This benchmark operation marks a new era in the IDB’s dialogue with borrowing countries on debt management issues and options to tailor debt with the IDB to meet asset/liability management objectives.

Conversion Offer brochure (PDF)

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