Business News from the Caribbean
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FirstCaribbean International Bank co-leads US$100m bond issue for the Bahamas
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| Published on Friday, April 18, 2008 | Email To Friend Print Version
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NASSAU, Bahamas: FirstCaribbean International Bank, via its Capital Markets Unit, has successfully completed a US$100 million, 30-year bond issue for The Bahamas.
FirstCaribbean and RBC Capital Markets were the joint-lead managers for the transaction. The bond, which was oversubscribed, was placed with international and regional investors and was the first type of deal from a Caribbean sovereign since the start of the year.
Ian Chinapoo, Managing Director, Capital Markets, noted the achievement of this particular bond issue. “Given the challenging market conditions, the Bahamas has done well to achieve a 30-year tenor and oversubscription of the deal. This deal represents several firsts for the Bank and the Capital Markets team.”
He explained that this bond issue was the longest tenor paper placed by the FirstCaribbean Capital Markets team to date and equals the longest tenor achieved by the Commonwealth of the Bahamas in the international debt market. The proceeds of the bond will help the government of the Bahamas to finance general development in the country.
The bank continues to deliver capital markets financing solutions to governments, state-owned enterprises and corporations to facilitate the development and expansion to the region’s economies.
FirstCaribbean’s team of Capital Markets professionals has helped clients across the Caribbean raise more than US $1.5 billion to finance projects and other strategic goals over the last 24 months. Its product and service suite includes equity and debt underwriting, mergers and acquisitions financing, project finance and structured financing. | | | | Reads : 611 | | | |
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