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Financial News

Jul 2016 Financial News

RBL issues $2b bond to fund Budget

Jul 29, 2016

Republic Bank Limited (RBL) has announced the successful execution of a $2 billion fixed rate bond to Government to assist with financing of the 2015/2016 Budget. This is the single largest fully underwritten commitment for the bank, to date. The bank received notice of the award of mandate on June 17 and was able to achieve disbursement on June 29.

RBL was the sole arranger for the bond, which has a 14-year term with a fixed interest rate of 4.50 per cent per annum.

Executive Director of RBL, Roopnarine Oumade Singh, said: “Republic Bank has partnered with the private and public sectors in developing the economies of Caribbean region for many years and we are very pleased to be able to support the Government of Trinidad and Tobago, through this bond. We are a strong bank and we have always subscribed to the philosophy that if we have the capacity to help another then we must.

“Whether public or private, we are sectors of the same nation and if we are to continue moving Trinidad and Tobago successfully into the future, we must bring our strengths to the fore and work together.”

This is not the first time that the bank has assisted governments through bond flotations. RBL’s Merchant Bank subsidiary, Fincor, which was merged into Republic Financial Holdings Limited last year, floated its first government bond in 1986—a bond valued at over $200 million. In the decades, since, the bank has become a pioneer in the development of bonds, notes, shares and other capital market instruments throughout the Caribbean.

 

Source:
Trinidad Guardian
Friday July 29, 2016

http://www.guardian.co.tt/business/2016-07-29/rbl-issues-2b-bond-fund-budget