FirstCaribbean Co-Leads USD100mn Bahamas Bond Deal
FirstCaribbean International Bank announced on Thursday that, via its Capital Markets
Unit, it has successfully completed a USD100mn, 30-year, bond issue for the Commonwealth
of the Bahamas. FirstCaribbean and RBC Capital Markets were the joint-lead managers for the
transaction. The bond, which was oversubscribed, was placed with international and regional
investors, and was the first of this type of deal from a Caribbean sovereign since the
beginning of the year. Ian Chinapoo, Managing Director, Capital Markets, noted the achievement of
this particular bond issue: “Given the challenging market conditions, the Bahamas has done well to
achieve a 30-year tenor and oversubscription of the deal. This deal represents
several firsts for the Bank and the Capital Markets team.” He explained that this bond issue was the longest tenor paper placed by the
FirstCaribbean Capital Markets team to date, and represents the longest tenor achieved
by the Commonwealth of the Bahamas in the international debt market. The proceeds of the bond will help the government of the Bahamas to finance
general development in the country. FirstCaribbean’s team of Capital Markets professionals has helped clients
across the Caribbean raise more than USD1.5bn to finance projects and other
strategic goals over the last 24 months, the bank revealed. .
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