Thursday, November 20, 2008

First Citizens seeks big bond investors

Published: Friday November 21, 2008

Commercial bank, First Citizens is in the process of drumming up investor support for two of the biggest investor bonds to be launched in Trinidad and Tobago.

Earlier this year the bank issued a bond worth $500 million, last month another bond for the same amount of money was also launched.

First Citizens remains the only indigenous bank that has previously floated two US$100 million bonds (February 2004 & January 2005.)

All attempts to contact CEO Larry Howai to find out what the bond issues would be used to finance once the public pools their money into these debt instruments proved unsuccessful yesterday.

The bank is offering public investors an interest payment of 8.35 per cent per year for the first bond which was launched in August and will mature in February 2014. This means investors will receive a payment worth 8.35 per cent of their investment every year for the next six years.

When the bond matures in February 2014, the investor will be re-paid the initial sum that he "lent" to the bank.

Source: Trinidad Express Newspapers

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