Island Country, Jersey, Lists £500m 30-Year Bond on TISE
- Bond to finance country's pension liabilities.
- The debt investment will pay 2.875% interest rate per year.
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 was admitted to TISE in June 2014.
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 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term added.
‘Attractive QIBM’
Kay McCarthy, the 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 was admitted to TISE in June 2014.
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 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term added.
‘Attractive QIBM’
Kay McCarthy, the 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”.