Minister of Finance Colm Imbert said that the Ministry has secured “a very successful” US$500 million Republic of Trinidad and Tobago International Bond Issue.
The 10-year Bond Offer was launched by Credit Suisse, internationally, at 8:30 a.m. on Monday, with an initial interest rate in the vicinity of 4.75%.
According to a statement from the Ministry, by 12:15 p.m, the Bond Offer had been oversubscribed by 219%.
A total of US$1.66 Billion was received in offers from a wide range of high quality international investment firms, investment funds and investment banks.
The Offer Book was eventually settled at US$500 Million at an interest rate of 4.5%, the same rate as previous bond issues at earlier times when the country’s fiscal situation was much better than it is at this time.
Imbert considered it a tremendous achievement on the part of his Team at the Ministry of Finance, that in the midst of the very challenging Covid-19 Pandemic and all of the economic difficulties associated with the public health restrictions, the Government was able to successfully issue a 10-year Bond.
“This achievement is due in no small measure to the successful attainment by the
Ministry of Finance of good international credit ratings within the last two months in the face of the economic fallout of the Covid-19 Pandemic.”
“It is also testimony to the confidence reposed by the international financial community in the management of the country’s finances under the present leadership at the Ministry of Finance.”
According to the release, special compliments must go to Credit Suisse and its local partner First Citizens Bank who were selected as the Joint Lead Managers for the transaction through a rigourous competitive bidding process.