The recent NIF-2 $400 million 5-year bond issue, which was offered to the public at an interest rate of 4.5% per annum, has been a tremendous success.
Minister of Finance, Colm Imbert, says as of Wednesday, the total applications for the $400 million available in NIF-2 bonds had crossed $1 billion, inclusive of over $700 million in applications from a total of 3,644 individual investors, with more applications to be tallied today.
Minister Imbert says this means that to date, NIF-2 has been oversubscribed by 160%, and when the final tally is done, the over-subscription may cross 170 %.
The Finance Minister says the success of NIF-2 is an overwhelming vote of confidence in the National Investment Fund and by extension a vote of confidence in the Government’s management of the assets acquired by the Government in return for the money spent in the Clico bailout.
Since inception, NIF has paid all semi-annual interest due on all NIF bonds on time and also paid bondholders in full for the first 5-year Series-A, NIF bonds when they matured in August 2023.