Finance Secretary: Tobago to benefit from roadshow success

Trinidad and Tobago’s recent financial roadshow to the US, headed by Finance Minister Colm Imbert, is being hailed as a success after being oversubscribed in excess of $3.5 billion.

Secretary of Finance and Enterprise Development Joel Jack is pleased with the result of the roadshow, which he said will fund Tobago’s development projects, as well as Trinidad’s, in the next fiscal year.

“The mission was a success,” Jack told members of the media during Wednesday’s post Executive Council media briefing at the Administrative Complex, Calder Hall.

“…We settled at a titan final price of 4.5 per cent, down from the original interest rate that was set at 4.625 per cent.”

The Secretary said the pricing is reflective of investor confidence in Central Government’s management of the economy.

“This stream of funding augurs well for national development,” Jack stated, adding: “I am convinced this will also ensure the provision of funding of key House of Assembly and Tobago projects in areas such as agriculture, education, tourism.”

Infrastructural and human capital development should also benefit, Jack said.

“The hands-on experience in terms of raising a bond issue of this magnitude, I think augurs well in terms of highlighting the mechanism for the Assembly raising financing of this nature in the future.”

Over 250 international investors showed interest in the bond, “which allowed the country to raise the targeted $1 billion”, Jack added.

The ten-year bond launched by the Government is its first international bond issue in three years.

The roadshow team that travelled to New York and Los Angeles in the US also included adviser to the Minister of Finance Ewart Williams, acting Permanent Secretary in the Ministry of Finance Suzette Taylor-Lee Chee, and Central Bank Senior Manager (Operations) Alister Noel.

Another team traveled to Boston and London.

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