February 16 (SeeNews) - North Macedonia's finance ministry has extended the period to completion of the issuance of a four-year Eurobond worth 600 million euro ($642.1 million) due to a proposed government reshuffle, it said on Thursday.
The issuance of the Eurobond will be completed after the formal appointment of a new justice minister, the ministry said in a statement emailed to SeeNews.
The underwriters were unable to sell the securities they subscribed on the secondary market because of the missing opinion of North Macedonia's justice minister, the finance ministry said.
"Legally, for the issuance of the Eurobond, the opinion of the minister of justice is required, who is among the ministers who submitted their resignations on February 13, the ministry said in an earlier statement.
On February 11, North Macedonia's prime minister Dimitar Kovacevski proposed to parliament to reshuffle his cabinet by replacing several ministers, including the justice minister. Parliament started discussion on the proposal on Monday but has not voted on it yet.
North Macedonia issued the Eurobond bearing annual interest of 6.25% on February 8.
($ = 0.934384 euro)