Aug 2016 Financial News

Roadshow a success - Imbert

Aug 12, 2016

Finance Minister Colm Imbert yesterday described his roadshow to raise US$1 billion on the international capital markets as a resounding success.

Having accessed the money he set out to raise, Imbert said his travels to London, Los Angeles and New York and meetings with investors were ”well worth it because we achieved the outcome. It has now put Trinidad and Tobago on the road map in terms of being a strong, solid investment destination.”

In June, Imbert stated that having borrowed TT$3.1 billion from local banks and drawn down TT$2.5 billion from the Heritage and Stabilisation Fund (HSF), that he would travel overseas to borrow US$1 billion on the international financial market.

Giving details about his recent trip at yesterday’s post-Cabinet news conference at the Office of the Prime Minister in St Clair, Imbert said on the first day of the roadshow, T&T received offers of participation from over 250 international investment firms.

“Within two hours, we had received offers of US$3.5 billion dollars,” Imbert, who is acting as Prime Minister, disclosed.

Imbert said they had set a target to close off the offers at US$3 billion, even though they were only trying to raise US $1 billion.

He said the initial interest rate was set was at 4.625 per cent.

However, Imbert said because of the quality of offers they got, they were able to reduce the rate to 4.5 per cent, which was favourable.

Thereafter, Imbert said the Government’s team was able to allocate bonds to strong investors.

By the end of the day, Imbert said the Government had raised US$1 billion without any difficulty whatsoever.

He described the road show as physically and mentally demanding, but worth it.

Imbert said one meeting New York began at 6 am and concluded at 3 pm.

At that meeting, he said presentations and briefing were given, following which they answered questions about the economy, exchange rate, fiscal measures and if T&T  was a good investment destination “32 times.”

Imbert said there were also a very few opportunities for local banks and institutions to participate in foreign US$ denominated bond issues.

“We will be creating one for them. There is also an appetite for TT-dollar denominated bonds.”

Source:
Shaliza Hassanali
Trinidad Guardian
Friday August 12, 2016

http://www.guardian.co.tt/business/2016-08-12/roadshow-success%E2%80%94imbert