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National Investment Fund bonds oversubscribed
The National Investment Fund (NIF) has been oversubscribed. This was revealed by Communications Minister Stuart Young at yesterday’s post Cabinet media briefing.
“Again, I don’t want to speculate because as they say until the end is the end, but I think we are looking at a serious over subscription. I would allow myself to say that,” Young said in response to questions about the bond offer which closed off at 7 pm yesterday.
The minister said an extension of the offer deadline was not being considered.
“We had it opened for a month. It has been a good month. We have put resources behind it. We hope all who were serious and wanted to have participated,” he said.
Young said all the categories of the bonds, which were first made available to the public on July 12, were oversubscribed.
The public offering is aimed at recovering $16 billion still owed Government since the collapse of CL Financial in 2009. Government bailed out the business empower to the tune of $23 billion. Assets of CL Financial are valued at $8 billion and $4 billion is expected to be raised through the public offering.
Finance Minister Colm Imbert described the bond offer as a gift to the nation. Returns will be at rates of 4.5 per cent for the five-year bonds, 5.7 per cent for the 12-year bonds and 6.6 per cent for the 12-year bonds.
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