NIF announces $400m bond offering

The National Investment Fund (NIF) Holding Company Ltd has announced a $400m bond offering.

In a public notice issued on its website, NIF said the five-year bond, valued for $400 million at a rate of 4.5 per cent, will be launched on January 22.

"The bond will be backed by shares of Republic Financial Holdings Ltd (RFHL) and will be offered for sale to individuals, small businesses, credit unions and pension plans." the notice said.

NIF defined small businesses as one with revenues of $25 million or less, as evidenced by Comparative Management Accounts for 2021/2022 financial year signed by two directors.

According to the notice, the bond will be sold in denominations of $1,000 and interest will be paid semi-annually in August and February.

"The proposed date for the close of the offering is February 9 and First Citizens Brokerage and Advisory Services Ltd is the lead broker for the bond offering," the notice said.