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NIF2 bonds listed on stock exchange

From front left, Christine Frank, National Insurance Fund Holding Company Ltd.( NIF), Eva Mitchell, CEO of Trinidad and Tobago Stock Exchange (TTSE) and Trinidad and Tobago Central Depository (TTCD), Jennifer Lutchman, Chairman (NIF), Cindy Pierre, State Counsel II (Ag.), Treasury Solicitor’s Department , Ministry of Finance (NIF), Tisha Marie Millington Beharry, General Manager (TTCD), Jason Dyer, Information Technology Manager (TTSE), Dexter Jaggernauth, Acting Permanent Secretary, Ministry of Finance (NIF), Daniel Youssef, Head of Wealth Management at First Citizens Brokerage and Advisory Services (FCBAS), Yuri Seedial, Brokerage Manager (FCBAS) and Jase Torry, Market Operations Manager (FCBAS) together at the NIF2 Bond listing cermony at Nicholas Towers, Port of Spain on March 13. - Photo by Faith Ayoung
From front left, Christine Frank, National Insurance Fund Holding Company Ltd.( NIF), Eva Mitchell, CEO of Trinidad and Tobago Stock Exchange (TTSE) and Trinidad and Tobago Central Depository (TTCD), Jennifer Lutchman, Chairman (NIF), Cindy Pierre, State Counsel II (Ag.), Treasury Solicitor’s Department , Ministry of Finance (NIF), Tisha Marie Millington Beharry, General Manager (TTCD), Jason Dyer, Information Technology Manager (TTSE), Dexter Jaggernauth, Acting Permanent Secretary, Ministry of Finance (NIF), Daniel Youssef, Head of Wealth Management at First Citizens Brokerage and Advisory Services (FCBAS), Yuri Seedial, Brokerage Manager (FCBAS) and Jase Torry, Market Operations Manager (FCBAS) together at the NIF2 Bond listing cermony at Nicholas Towers, Port of Spain on March 13. - Photo by Faith Ayoung

THE Trinidad and Tobago Stock Exchange (TTSE) announced the official listing of the $400 million National Investment Fund (NIF) 2 bond at its office in Nicholas Towers, Port of Spain, on Wednesday.

TTSE CEO Eva Mitchell said the listing of the bonds was a momentous occasion which marked yet another milestone in the financial journey of the stock exchange and the nation.

“The journey of the National Investment Fund Holding Company Ltd and the TTSE has been one of collaboration, innovation and shared success. Together, we have navigated through challenges, seized opportunities and worked tirelessly to advance our capital market,” Mitchell said.

In 2018, NIF launched the fixed-income bonds, totalling $4 billion. That bond was oversubscribed by 85 per cent and amounted to $3.4 billion. The bonds, listed on the TTSE on September 4, 2018, garnered $328 million in trades.

From left, Jennifer Lutchman, Chairman of the National Investment Fund Holding Company Limited (NIF) and Eva Mitchell, CEO of Trinidad and Tobago Stock Exchange Limited (TTSD) and Trinidad and Tobago Central Depository Limited (TTCD) commemorates the National Insurance 2 (NIF2) Bond Listing with a signing ceremony at Nicholas Towers, Port of Spain on March 13. - Photo by Faith Ayoung

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The NIF2 saw extreme success, being oversubscribed by 267 per cent. Mitchell said the over-subscription showed a high level of investor confidence in the local market.

“The significant participation of over 1,110 new accounts, with over 91 per cent belonging to retail investors, reaffirms the popularity and accessibility of the bond among individual investors.

“Today, as we gather to mark the listing of the NIF2 bond, we not only celebrate its financial implications but also the spirit of collaboration and resilience that it represents,” she said.

Mitchell thanked the NIF, lead brokers First Citizen’s Brokerage and Advisory Services Ltd, stakeholders, investors and the staff of the TTSE for the bonds' success.

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