Aug 2011 Financial News

TTSE LAUNCHES US DOLLAR SECURITES MARKET

Aug 26, 2011

The Trinidad & Tobago Stock Exchange Limited (TTSE) was established in 1981. Currently there are thirty-nine (39) local and regional securities listed on the Exchange with a total market capitalization of approximately TT$91 billion (US$14 billion), twenty-four (24) government bonds with a total face value of approximately TT$14 billion (US$2 billion), and two (2) corporate bonds with a total face value of TT$800 million (US$125 million). These listings offer the market a range of investment opportunities comprising equities, mutual funds, government and corporate bonds.

On Friday 26th August 2011 the TTSE formally launches its US Dollar Securities Market to cater to the needs of investors who are interested in investing US Dollar denominated securities on the local Exchange. There will be US Dollar equity, debt and mutual funds markets that will mirror the existing TT Dollar equity, debt and mutual funds markets.

Keeping true to its mission to “facilitate the efficient mobilization and allocation of capital”, the TTSE is establishing a formal secondary market for USD securities which is intended to offer new investment opportunities that provide further portfolio diversification to investors.

Only US Dollar Securities which have been registered with the Trinidad and Tobago Securities and Exchange Commission (SEC) would be eligible for listing on the TTSE. Presently there are approximately twenty-five (25) US Dollar bonds registered by the SEC and outstanding with maturities ranging from 2012 to 2030 with a face value of US $1.1billion.

The market will open on August 26th with the listing of 120 million convertible redeemable preference shares issued recently by Sagicor Financial Corporation (SFC).

DETAILS

Symbol: SFCP
Market: USD Equities Market
Issue/Subscription Price: US$1.00
Issue Date: July 18th 2011
Issued Share Capital: 120,000,000
Par Value: Nil
Dividend Rate: 6.5% per annum on the subscription price
Dividend Type: Non-cumulative
Payment Schedule: Semi-Annually
First Payment Date: November 15th 2011
Conversion Period: Within 5 years of issue date
Conversion Rate: 1.98 New Preference Shares for every One (1) Common Share
Redemption Date: 5 years from issue date

The Trinidad & Tobago Stock Exchange Limited continues to work tirelessly in its efforts to develop the local capital market by offering dynamic investment opportunities within a transparent, regulated environment.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday August 26, 2011