The States of Jersey, an
island country near the coast of north-west France, has listed a £500 million
sovereign bond on The International Stock Exchange (TISE), a regulated market
specializing in listing international bond issuances.
The bond, which was
listed on TISE’s Qualified Investor Bond Market (QIBM), is aimed at helping the
United Kingdom Crown Dependency to “refinance past service pension liabilities
and for general government purposes.”
TISE disclosed these on
Tuesday in a press statement shared with Finance Magnates.
The 30-year government bond attracts a coupon payment of 2.875% per year and will be due on 6th May,
2052.
The new issuance is an
addition to Jersey’s existing £250 million bond which was admitted to TISE in
June 2014.
Holders of the old bond,
which will expire in 2054, get 3.75% interests in yearly coupon payment.
Behind the Transaction
According to the press
statement from TISE, the bond issuance was advised by Jersey’s appointed debt
advisors, Ernst & Young Global Limited, a multinational professional
services network considered to be one of the Big Four accounting firms.
“The joint Lead Managers
are HSBC Bank PLC, Barclays Bank PLC, Lloyds Bank PLC, and the Royal Bank of
Canada, London,” TISE also disclosed in the statement.
“The States of Jersey’s
UK Legal Advisor is Allen & Overy LLP, and Carey Olsen Jersey LLP acted as Jersey
legal counsel,” the exchange added.
‘Attractive QIBM’
Kay McCarthy, Head of
the Jersey Office of TISE, expressed delight that the country chose the exchange for the listing.
“It is a significant
endorsement of our critical role within the local financial services
infrastructure that the States of Jersey has once again chosen to use our
listing venue, along with supporting professional services providers, to assist
with its financing requirements,” McCarthy said.
On his part, Anthony Byrne,
Head of Bond Markets at TISE, said the transaction “demonstrates the
attractiveness of QIBM for a wide range of bond products”.
The States of Jersey, an
island country near the coast of north-west France, has listed a £500 million
sovereign bond on The International Stock Exchange (TISE), a regulated market
specializing in listing international bond issuances.
The bond, which was
listed on TISE’s Qualified Investor Bond Market (QIBM), is aimed at helping the
United Kingdom Crown Dependency to “refinance past service pension liabilities
and for general government purposes.”
TISE disclosed these on
Tuesday in a press statement shared with Finance Magnates.
The 30-year government bond attracts a coupon payment of 2.875% per year and will be due on 6th May,
2052.
The new issuance is an
addition to Jersey’s existing £250 million bond which was admitted to TISE in
June 2014.
Holders of the old bond,
which will expire in 2054, get 3.75% interests in yearly coupon payment.
Behind the Transaction
According to the press
statement from TISE, the bond issuance was advised by Jersey’s appointed debt
advisors, Ernst & Young Global Limited, a multinational professional
services network considered to be one of the Big Four accounting firms.
“The joint Lead Managers
are HSBC Bank PLC, Barclays Bank PLC, Lloyds Bank PLC, and the Royal Bank of
Canada, London,” TISE also disclosed in the statement.
“The States of Jersey’s
UK Legal Advisor is Allen & Overy LLP, and Carey Olsen Jersey LLP acted as Jersey
legal counsel,” the exchange added.
‘Attractive QIBM’
Kay McCarthy, Head of
the Jersey Office of TISE, expressed delight that the country chose the exchange for the listing.
“It is a significant
endorsement of our critical role within the local financial services
infrastructure that the States of Jersey has once again chosen to use our
listing venue, along with supporting professional services providers, to assist
with its financing requirements,” McCarthy said.
On his part, Anthony Byrne,
Head of Bond Markets at TISE, said the transaction “demonstrates the
attractiveness of QIBM for a wide range of bond products”.
Source: https://www.financemagnates.com/institutional-forex/island-country-jersey-lists-500m-30-year-bond-on-tise/