Wednesday, April 23, 2008

Republic issues billion dollar 10-year bond

Republic Bank Limited has announced the successful completion of a TT$1 billion subordinated fixed rate bond issue on February 14, 2008.

The bond was issued with an original tenor of 10 years, at a fixed rate of 8.55 per cent per annum.

The proceeds of the bond issue will be used to fund the Bank's asset growth and the bond issue has received the necessary approvals from the Trinidad and Tobago Securities Commission and the Central Bank of Trinidad and Tobago.

Republic subsidiary, Republic Finance and Merchant Bank Limited was the lead Arranger and Manager to the Bond issue.

Caribbean Information and Credit Rating Services Limited (CariCRIS), the Caribbean regional credit rating agency, has assigned the ratings of CariAA+ (Foreign Currency Rating) and CariAA+ (Local Currency Rating) in its regional rating scale, and ttAA+ on the Trinidad and Tobago National Scale to the debt issue of the size of TT$1 billion of Republic Bank Limited.

These ratings indicate that the level of creditworthiness of this obligation, adjudged in relation to other obligations in the Caribbean and within Trinidad and Tobago is high.

Trinidad and Tobago Express Newspapers
April 23,2008

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