Local legal firm Walkers have confirmed that the Cayman Islands government’s first ever sovereign bond issue on the international bond markets was “massively over-subscribed”.
The lawyers said it attracted considerable investor interest and was reportedly sold out within hours. The subscriptions received totalled in excess of US$1.25 billion. The 5.950% coupon came in a fraction lower than the expected range of 6.000%-6.125%, which Walkers said indicates the level of investor confidence in the Cayman Islands.
“Walkers were proud to act as Cayman Islands counsel to HSBC, underwriter and sole book-runner in the government of the Cayman Islands’ ground breaking US$312 million Rule 144A/Reg S offering of 5.95% Notes due 2019. The notes are to be listed on both the London Stock Exchange and the Cayman Islands Stock Exchange. The deal closed on 24 November 2009,” Walkers explained.
Walkers also said that the firm had advised HSBC as to Cayman Islands’ law on the bridge financing facilities provided to the government in October 2009 prior to the issuance. The Walkers team on the note issuance was Philip Paschalides (partner) and Nicola Bashforth (associate) and on the bridge financing Wayne Panton (partner) and Richard Munden (associate).
Lawyers on debt offering confirm popularity of bond
