MAYBERRY Investments Limited (MIL) will be raising between $2 billion to $3 billion from investors through a new secured bond issuance to refinance a recently matured bond and support its continued transformation efforts.

The securities dealer redeemed its tranche II bond on March 19 which had a face value of $2.06 billion and an interest rate of 10.75 per cent. The securities dealer intends to refinance this tranche by issuing a new bond a 10.50 per cent interest rate for a tenure of 18 months.

“It can be difficult for smaller investors to find opportunities to make decent fixed income returns on their savings,” said MIL chairman Gary Peart in the prospectus.

MIL can upsize the offer to a maximum of $3 billion if demand exceeds the $2.06 billion target. This bond will be secured by a charge over MIL’s secured loan book pool. That loan book is worth $12.50 billion with the assets valued at $29.58 billion. MIL will also be subject to the financial covenants of its leverage ratio (debt to equity) not surpassing four times and a minimum current ratio of 1.20 times.

MIL intends to apply for this new tranche to be listed on the Jamaica Stock Exchange’s (JSE) Bond Market. The expenses for this transaction should not exceed $61.10 million.

MIL and its fellow subsidiary Mayberry Jamaican Equities Limited (MJE) have tapped the JSE Bond Market every year since January 2023, with both companies having 5 listed securities valued at $7.33 billion on that market. MIL redeemed its tranche IV on January 20 which had a face value of $1.98 billion. MJE has a combined $1.23 billion in bond maturities in August and October 2026. MIL and MJE are subsidiaries of the listed Mayberry Group Limited.

There are currently 15 listed securities on the JSE Bond Market with a face value of $19.01 billion and three securities on the JSE’s USD Bond Market with a face value of US$32 million. Dolla Financial Services Limited listed two tranches of its $1.5 billion bond on March 31. MIL was the lead broker and arranger for this transaction.

The minimum subscription amount is $20,000 with increments in multiples of $10,000. The offer opens on April 13 and is set to close on May 11. Existing Mayberry clients can subscribe on https://ipo.mayberryinv.com/mi-ipo while other investors can apply through selling agent Sagicor Investments Jamaica Limited.

Mayberry Investments

Mayberry Investments completed a $757.67-million turnaround during 2025 as it moved from a loss before tax of $380.06 million to a profit before tax of $377.61 million. The 40-year-old broker’s improved earnings came from a mixture of expense reductions and growth in core business.

MIL’s operating expenses dipped 12 per cent from $2.26 billion to $1.99 billion, a $275.63 million cut. The largest cut came from operational losses dipping from $255.49 million to $1.87 million, a function of tighter operational management under Patrick Bataille’s first full year as MIL’s chief executive officer.

Mayberry Investments also moved from a credit loss expense of $148.13 million to a reversal of $5.32 million in 2025. The recently installed CEO explained that this move came from a review of the company’s loan book where it identified that it had enough collateral coverage versus the loan disbursed to clients.

“What we did do in 2025, we reviewed everything that we’re provisioning. We identified where there were scenarios where we may have been over provisioning for things where we had enough collateral to cover it,” Bataille explained at a virtual briefing on Friday.

MIL’s interest income climbed $281.38 million or 11 per cent to $2.73 billion due to the 20 per cent expansion in its loans and other receivables to $11.94 billion and higher rates on its repurchase agreements, promissory notes and investment securities.

However, the 11 per cent increase in interest expense to $2.01 billion resulted in the company reporting net interest income of $724.04 million. Total revenue grew 26 per cent from $1.88 billion to $2.36 billion due to higher consulting fees and commissions, foreign exchange gains and unrealised gains on its investment properties.

Bataille highlighted that the company generated 42 per cent of its revenue from consulting fees and commissions. He noted that the company has a near term target of 50 per cent and future target to generate 75 per cent of its total revenue from fee income its clients while relying less on its balance sheet.

“Our goal is to really transform the business into a fee income generating business. That’s the mandate I got from my board,” the CEO explained.

MIL will be de-risking its balance sheet which includes the use of structured vehicles to manage its lending book more efficiently along with the planned sale of non-core assets to focus on its main business. This will be complemented by growing the advisory and wealth management services, which includes more investment banking deals led by Dan Theoc and Rachel Kirlew.

“I’m aware that they have some exciting transactions in the pipeline. I would expect them to have at least one IPO within the next three months,” Chairman Peart noted.

MIL’s net profit increased 358 per cent from $139.28 million to $637.92 million due to use of deferred tax credits during both years.

MIL’s total assets grew seven per cent to $44.25 billion due to its higher loan book and net cash resources of $5.44 billion. Total liabilities increased seven per cent to $37.37 billion as its total loans stood at $13.21 billion while accounts payable rose 26 per cent due to higher client payables. Equity/capital improved six per cent to $6.87 billion which translates to a book value of $5.72 per share. The capital adequacy ratio was 18.16 per cent, well above the 10 per cent statutory minimum.

“I’m very focused on our liquidity mix, what we’re borrowing at, what we’re lending at and identifying ways to become more efficient, particularly controlling our interest expense and getting a better balance of liquidity. We’re looking at more creative ways of managing that balance sheet,” Bataille closed.

Mayberry Investments is seeking to raise $3 billion from the JSE Bond Market. .