The National Investment Fund 2 (NIF2) bond is scheduled to be listed on the T&T Stock Exchange (TTSE) at a ceremony at the institution’s Independence Square office tomorrow.
In a news release, the TTSE said the listing of the NIF2 bond “marks an important milestone in our financial landscape.”
NIF2 has a face value of $400 million and is a fixed-rate bond, maturing in five years and paying an annual interest rate of 4.5 per cent.
In a notice on the website of the TTSE last Friday, the National Investment Fund Holding Company said the $400 million bond offer received 3,861 valid applications that had a total value of over $1,066,323,000.
As a result of the oversubscription of the bond offer, individual investors who applied for bonds worth more than $20,000 will only receive the first $20,000 in full, with the balance on a pro-rata basis. Individual investors who applied for bonds worth up to $20,000 will receive 100 per cent of what they applied for.
Individual investors applied for a total of $735.51 million, which was 184 per cent of the bond’s offer size.
The NIF2 bond is backed by 6,546,417 shares in Republic Financial Holding Ltd, which were purchased by NIF from the Government on November 20, 2023.
Those RFHL shares were worth $786,093,753.36 at the end of trading yesterday as the bank holding company traded at $120.08 per share.
In the notice on the TTSE website yesterday, the NIF holding company advised that the following directors have been reappointed for a period of two years with effect from March 8, 2024:
• Jennifer Lutchman (chair)
• Nadira Lyder (director)
• Dexter Jaggernauth (director)
• Cindy Pierre (director).
The NIF holding company also advised that Dillon Teelucksingh was appointed as a director of the company for two years with effect from March 8, 2024.
Teelucksingh, and the other four directors of NIF, are all senior employees of the Ministry of Finance.
The NIF Holding Company is 100 per cent owned by Corporation Sole, the Minister of Finance, and its offices are located at level 2 of the Eric Williams Financial Building, where the Ministry of Finance is housed.