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FirstCaribbean finalises US$20m bond issue for Cayman bank
published: Saturday | October 6, 2007

Deal arranger FirstCaribbean International Bank said Wednesday that its capital markets unit has completed a US$20 million long-term bond issue on behalf of the Cayman Islands Development Bank (CIDB).

The offering placed with international investors by the bank's Capital Markets team in Jamaica, with FirstCaribbean International Bank (Cayman) Limited acting as sole arranger of the issue.

CIDB will finance projects in education, housing, as well as small business operators, with the proceeds of the issue.

An historic transaction

"This bond issue is, indeed, an historic transaction for FirstCaribbean," said Ian Chinapoo, managing director of FCIB Capital Markets in a release on the bond.

No details of the issue were disclosed.

"Not only does it signal our first transaction achievement in the Cayman Islands, but it also rounds up what has been a successful year for the Capital Markets team," said Chinapoo.

The bond issue follows the US$375 million financing deal that FCIB arranged on behalf of the UDeCOTT for the development of the Port of Spain International Waterfront Centre in Trinidad & Tobago.

The bank, which operates in 17 markets, said its Capital Markets team has helped to raise more than US$1 billion "to finance projects and other strategic goals" across the region. Its product and service suite includes equity and bond underwriting, structured finance, syndicated loans and structured project finance.

business@gleanerjm.com

Source: Financial Gleaner, Friday, October 5, 2007

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