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NCB Capital Markets sets record with $10-billion bond raise

Coming on the heels of CariCRIS assigning a jmA+ rating to NCB Capital Markets (NCBCM), the regional brokerage house achieved a historic feat on Wednesday, May 31 when the company closed its bond offering at over $10 billion. This is the largest Jamaican dollar issue under the Financial Securities Commission’s (FSC) Exempt Distribution Guidelines, which came into effect in 2008.“We put out an offer to the public aiming to close at $6.5 billion and we have exceeded that by 54 per cent. We’re as thrilled as we are humbled by the confidence that our existing and hundreds of new clients have placed in us, through their participation in this offering” said Kerry Spencer, NCBCM’s assistant vice-president – wealth management.

NCBCM offered this bond between May 10 and 31 to the investing public. The required minimum investment was $100,000 and investors will earn 8.5 per cent per annum for a period of three years with quarterly interest payments. Funds raised from the offer will be used to pursue various investment opportunities.

Spencer noted, too, that closing at the stated amount required an intense reliance on its vast distribution network of Advisors with NCBCM being a subsidiary of the island’s largest bank. “This is one of many attractive investment opportunities that we will offer as we continue to differentiate ourselves as the premier wealth management firm.”

This transaction was structured as a Highly-rated Debt Security under the FSC’s Exempt Distribution Guidelines to facilitate the widest participation by individual, corporate and institutional investors.

Published in the Jamaica Observer
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