You are here
Nipdec issuing 5.15% bond
The National Insurance Property Development Company (Nipdec) announced yesterday that it would issue a $339 million bond on August 22 to finance the implementation of phase two of the Motor Vehicle Authority. The Nipdec bond will have a duration of 13 years and will be issued at a coupon of 5.15 per cent at a fixed rate over the life of the instrument. The interest on the bond will be payable twice a year on February 22 and August 22 and the bond’s interest and principal will be charged upon and are payable from the Consolidated Fund and are secured by the revenues and assets of the State. Individuals can make non-competitive bids of up to $100,000. Applications must be made through the designated Government Securities Intermediaries, which include all of nation’s commercial banks as well as the Unit Trust Corporation, ANSA Merchant Bank and Bourse Securities.
According to the information memorandum issued yesterday by the Central Ban, the intermediaries must enter bids based on completed application forms, into the electronic auction system. Applications must be for $1,000 face value or multiples thereof and no allotment will be made for any amount less than $1,000.00 face value. The intermediaries will act as counterparties to the Central Bank in the auction and will thereafter provide a secondary market for the bonds. Bids can be placed competitively or non-competitively by submitting the relevant application form, along with payment to a intermediary.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff. Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Please help us keep out site clean from inappropriate comments by using the flag option.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.