Historic bond issue completed

FirstCaribbean International Bank has completed a US$20 million long-term bond issue by the Cayman Islands Development Bank, its first transaction of this kind in The Cayman Islands.

The offering was oversubscribed and was placed with international investors by the bank’s Capital Markets team based in Jamaica, with FirstCaribbean International Bank (Cayman) Limited acting as Sole Arranger, states a press release.

Ian Chinapoo, managing director, Capital Markets, noted that the significance of the bank’s achievement in the Cayman market.

‘This bond issue is, indeed, an historic transaction for FirstCaribbean,’ he said.

‘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 and FirstCaribbean as a whole.’

He added that the proceeds of the bond will help CIDB to better meet the developmental needs of the Cayman Islands by providing diverse credit options for its customers-primarily in the areas of education, housing, and small business financing.

This year, the Bank closed a number of landmark transactions, including an innovative US$375M financing deal for the development of the Port of Spain International Waterfront Centre in Trinidad & Tobago. That transaction also won FirstCaribbean the Deal of the Year Trinidad & Tobago title for 2007 from The Banker magazine, published by the Financial Times.

The bank continues to deliver first-rate financing solutions to governments and state-owned enterprises like CIDB, which facilitates the development and expansion of the Caribbean’s economies.

Together, FirstCaribbean’s team of Capital Markets professionals has helped clients across the region raise more than US$1 billion to finance projects and other strategic goals. Its product and service suite includes equity and bond underwriting, structured finance, syndicated loans and structured project finance.