Mon | Aug 20, 2018

NCB Capital Markets issues $10 billion bond

Published:Sunday | June 4, 2017 | 12:00 AM

NCB Capital Markets raised $10 billion from a bond placement that closed last Wednesday.

The company aimed to raise $6.5 billion, but the market was willing to offer up more funds, leading to one of the largest local currency issues of its kind. The company plans to use the funds for regional expansion.

"We put out an offer to the public aiming to close at $6.5 billion, and we have exceeded that by 54 per cent.

We're as thrilled as we are humbled by the confidence that our existing and hundreds of new clients have placed in us, through their participation in this offering," said Assistant Vice-President for Wealth Management Kerry Spencer.

The three-year bonds will pay interest quarterly at a rate of 8.5 per cent per annum. Spencer suggested that more fundraising was on the horizon.




"This is one of many attractive investment opportunities that we will offer as we continue to differentiate ourselves as the premier wealth management firm," she said.

This transaction was structured as a highly rated debt security under the Financial Services Commission's Exempt Distribution Guidelines to facilitate the widest participation by individual, corporate and institutional investors.

Over the past year, NCB Capital Markets and its subsidiaries closed 30 corporate finance and structured product deals across the region, with a value in excess of US$600 million.

The Jamaican brokerage also operates in Cayman Islands, Trinidad & Tobago, and Barbados.