SHIRLEY PETRA LALSINGH passed away peacefully on Au-gust 10th, 2018 at her home in Valsayn, Trinidad.
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Imbert: NIF oversubscribed by 50 per cent
In a series of tweets over the weekend, Finance Minister Colm Imbert hailed the success of the Government’s $4 billion National Investment Fund (NIF) which he said had been oversubscribed by more than 50 per cent. The offer period for the bond ended on Thursday.
In one of the three messages via his Twitter account, Imbert wrote: “Overwhelming vote of confidence from the public in the NIF Bonds. Congratulations to all who worked on putting together the NIF prospectus; on the market research; on the advertising and marketing campaign; on the investor outreach programme. Largest single bond offer in T&T ever.”
In another he stated: “NIF Bonds offer oversubscribed by over 50 per cent. As per prospectus, priority will be given to individuals.”
This was followed by another tweet: “$4B NIF bond issue has been very successful. All targets have been met. Special thanks to the hard working teams at the MOF, FCB, EY.”
Notification of allotments is expected on August 30, and refunds will be given on September 3. The bonds will be listed on the T&T Stock Exchange from September 4.
Because they have been oversubscribed, individual investors will be given priority and everyone else will receive a pro-rated allotment.
The bond issue was rated as investment grade quality with a high level of creditworthiness by regional rating agency Caribbean Information and Credit Ratings Services Ltd (Caricris). It was available from July 12 priced at $1,000 per unit and comprises assets transferred to the Government from CL Financial (CLF) and its subsidiaries.
Government issued the high interest tax-free bonds to recover funds owed from its $23 billion bailout of Clico after the insurance giant’s 2009 collapse.
The bonds were available in three tranche: five years (4.5 per cent), 12 years (5.7 per cent) and 20 years (6.6 per cent )
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