“You will end up like Dana Seetahal.”This was the unnerving message former CNMG employee Eve George received after being dismissed from the state-run media company when she rejected the sexual adva
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Government was biggest borrower in 2013
The Government of T&T—central government and state enterprises combined—was the biggest borrower on the local bond market in 2013, borrowing a total of $8.8 billion through bond issues. Preliminary data in the Central Bank of T&T’s Economic Bulletin January 2014 shows that while the number of issues in the primary bond market in 2013 was almost the same as in 2012, the face value raised was substantially different.
There were 12 bonds issued during 2013 raising a total of $10 billion, compared with 13 primary issues in 2012 which raised $4.5 billion. While the public sector continued to be the main borrower in the primary market, accounting for $8.8 billion of the toal amount raised, there was increased activity by the private sector. In 2013, four private sector bond placements occurred, totalling $1.2 billion, compared with two issues in 2012 which raised $350 million altogether.
Within the public sector, the central government issued three bonds with a combined face value of $3 billion. Two of those bonds were for liquidity management purposes and were issued In May and August 2013 for a combined total of $1.6 billion. This was followed by the private placement of a $1.5 billion bond in September 2013 for budgetary support.
State enterprises Home Mortgage Bank (HMB), T&T Mortgage Finance Company (TTMF), National Insurance Property Development Company (Nipdec), Urban Development Corporation of Trinidad and Tobago (Udecott), and The Sport Company of Trinidad and Tobago (SporTT)) accounted for five bond issues which raised $5.8 billion.
Three private sector companies—Unicomer Trinidad Ltd, Guardian Holdings Ltd, and Sagicor Financial Corporation—accessed the local domestic market for funding, issuing bonds with a combined face value of $1 billion. In the secondary bond market, trading activity was slightly up in 2013 compared with 2012.
Central Government bonds with a combined face value of $1.5 billion were traded during the year compared with $1.4 billion in 2012. The number of transactions was also higher, with 175 trades occurring in 2013 compared with 97 trades the year earlier. There was a concentration of trading activity in the months of January and August 2013.