Nov 2016 Financial News

National Commercial Bank Jamaica Limited - Securitization of Merchant Voucher Receivables

Nov 23, 2016

The Trinidad and Tobago Stock Exchange Limited (TTSE) received notice from NCBJ that they successfully raised US$150,000,000.00 by way of the securitization of its Credit Card Merchant Voucher Receivables. The notes are backed by future flows derived from international merchant voucher receivables acquired by NCBJ in Jamaica. The transaction closed on November 21st, 2016.

The notes were issued by Jamaica Merchant Voucher Receivables Limited, a special purpose vehicle incorporated under the laws of the Cayman Islands, in a private placement within the United States to qualified institutional buyers. The notes were assessed by Fitch, Inc. and achieved a BB+ rating.

The notes have not been registered under the Securities Act of Jamaica and may not be offered or sold in Jamaica without registration or an application exemption under the said Securities Act and regulations.

Source:
The Trinidad and Tobago Stock Exchange Limited
Wednesday November 23, 2016