Last update: 21-Dec-2013 4:18 am
Saturday, December 21, 2013
Trinidad & Tobago Guardian Online
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Nipdec issues bonds to raise $1 billion
The National Insurance Property Development Company Limited (Nipdec) is planning to raise $1 billion through the issue of 16-year bonds with a fixed coupon rate of 4 per cent. A statement from the Central Bank yesterday said financing will be the first of a three-phase borrowing programme totaling $2.7 billion over the period 2013 to 2015.
The bonds will be issued in one tranche on October 25 pursuant to a Trust Deed between Nipdec and First Citizens Trustee Services. The bonds will be issued with the following features—approximately $1 billion at 4 per cent Fixed Rate Bonds due 2029. The Central Bank will auction the bonds via the single price auction system.
As far as possible, applicants will be allotted bonds to the fullest extent of their applications. The auction opened at 10 am yesterday and will close at 1 pm on October 23
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