March 17, 2020
NCB Financial Group Limited is pleased to announce that its Trinidad and Tobago domiciled subsidiary, NCB Global Finance Limited (‘NCBGF’), successfully closed a TTD 1,500,000,000 Fixed Rate Bond for the Government of the Republic of Trinidad & Tobago (‘GORTT’). The Bond matures in 20 years and carries a coupon rate of 5.74% per annum.
NCB Financial Group Limited is headquartered in Jamaica with assets of USD 12 billion, a capital base in excess of USD 1 billion and a current market capitalization in excess of USD 3.1 billion. NCB Financial Group is publicly traded on both the Jamaica and Trinidad & Tobago Stock Exchanges. With operations in Jamaica, Bermuda, Barbados, the Cayman Islands and Trinidad and Tobago, it is a pan-Caribbean financial conglomerate. Through its shareholding of approximately 62% in Guardian Holdings Limited, NCB Financial Group Limited also has insurance operations in over 20 territories including the Dutch Caribbean.
“At NCB, we have built a regional vertically integrated financial services group. Over the last twenty-seven months, NCB Capital Markets Limited, parent of NCB Global Finance Limited, has closed approximately USD 2.5 billion in capital market and structured finance transactions throughout the region. We have proven expertise in public and private equity, senior secured, subordinated/mezzanine, and unsecured leverage. The team has subject matter expertise in infrastructure financing and alternative investments. Recently, NCB Capital Markets Limited successfully executed Jamaica’s largest IPO in history – Trans Jamaica Highway Limited, a public equity transaction and also funded the construction of a major, new landmark facility on the East Coast of Demerara, Guyana. The successful closure of today’s TTD 1.5 billion (approximately USD 220MM) Bond issue continues to be a tangible demonstration of NCB Financial Group Limited’s increased Pan Caribbean abilities through its partnership with Guardian Holdings Limited. This partnership has also created significant group synergies and vertical integration in the investment banking, asset and wealth management space. Over six years ago, we acquired a merchant bank in Trinidad, NCB Global Finance Limited, and today we are pleased to see that our regional aspirations continue to bring value to our group and our region.” said Steven Gooden, CEO of Jamaica based NCB Capital Markets Limited and Chairman of NCB Global Finance Limited.
“Our investors stood by us and worked with us to obtain all approvals in a fairly short time frame,” said Marli Creese, Head of Corporate and Investment banking at NCBGF. “As sole Arranger of this transaction, we successfully executed this deal by leveraging relationships and widespread support from multiple stakeholders within the market.”
About NCB Financial Group
NCB Financial Group Limited (“NCBFG”) was incorporated in April 2016 to be licensed under the Banking Services Act as the financial holding company for National Commercial Bank Jamaica Limited (“NCBJ”). NCB is the largest and most profitable financial services group in Jamaica with roots dating back to 1837. Through the bank and its wealth management, life and general insurance, and offshore banking subsidiaries, NCB provides a wide array of financial products and services to meet the needs of individual and business clients. The NCB Group includes NCBJ, NCB Capital Markets Limited and its subsidiaries in Barbados and Cayman, NCB Insurance Company Limited, NCB (Cayman) Limited, Clarien Group Limited and its subsidiaries in Bermuda, Guardian Holdings Limited and its subsidiaries as well as NCB Global Finance Limited in Trinidad and Tobago.
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein