FirstCaribbean International Bank has been recognised by the Banker and Financial Times Group for a deal structured on behalf of the Urban Development Corporation of Trinidad and Tobago last year.

FirstCaribbean's capital markets unit, led by Ian Chinapoo, arranged a US$176 million short term financing facility for UDeCOTT's Port of Spain International Waterfront Centre.

It earned the Canadian-owned regional bank The 'Deal of the Year' award, a first for the Caribbean, the bank said.

The award is presented annually, with recognition going this year to financial institutions in 60 countries of 650 applicants. One of the criteria for the award is the speed at which the deal is sealed; another is client satisfaction.

"We are pleased to have won the globally recognised title, having only launched both operations within the past three years," said Chinapoo, managing director of the bank's capital markets unit, in a company release.

FirstCaribbean Capital Markets raises debt capital for governments, state-owned enterprises and private and public companies, and offers debt and equity underwriting and structured project financing, and arranges syndicated loans.

The official award ceremony was held in Manama, Bahrain.

Along with the commemorative crystal tombstone, presented May 2 in Manama, Bahrain, winners are featured in The Banker.

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