Guardian Group lists $7 billion bonds on JSE private market


Guardian Group lists $7 billion bonds on JSE private market

Friday, February 19, 2021

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Guardian Group became the first company to list on the Jamaica Stock Exchange's (JSE) recently launched private market, when earlier this week it listed two securities in fixed rate unsecured notes valued at $7 billion.

Eric Hosin, president of Guardian Life Limited, said that of a possible five tranches which could be acquired from its $13.4 billion previously raised from the market — only two would be listed and these included a GHL Tranche B 6.50 per cent unsecured notes due 2025 and the GHL Tranche D 7.00 per cent unsecured notes due 2027.

“We are pleased that we went to the market seeking $13b and received the support and funding we needed. This sends a strong signal that the Guardian brand is strong, and investors have the confidence in us to know that we will deliver the returns promised to them.

“These two tranches alone account for 54 per cent of the total raised and will result in the listing of bonds with a total nominal amount of $7 billion. This was deliberate as the higher outstanding amount promotes room for greater liquidity in trading,” he said.

NCB Capital Market was the lead arranger of the transaction of which Herbert Hall, vice-president of investment banking, NCB Capital Markets Limited, said that the new listings highlighted the company's continued development of the capital market space and falls under its growing list of firsts.

“We are proud to lead the charge for collaborative innovation and change,” he stated.

An ecstatic Marlene Street Forrest, managing director of the JSE, welcomed the listings to the platform launched on January 11, noting that her organisation had indeed “broken a record on this one.”

“We are thankful and grateful that just over a month of launching this market, NCB Capital Markets Ltd has brought our first two listings. I wish to congratulate Guardian Holdings Limited in listing its Tranche B 6.5 per cent with a value of $1.99b and Tranche D with a value of $5b — seven per cent bonds for a combined value of $6.99b on the JSE private market,” she said in a news release.

The managing director in further endorsing the private market said that, “[It] will provide investors with the opportunity to list bonds and equity securities that are in accordance with the Financial Services Commission (FSC) guidelines for exempt distribution”.

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