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$87m in bids

Lice Movono
Thursday, November 02, 2017

A TOTAL of $87.71 million in bids for the Government's green bonds were received in the week the first tranche worth $40m was tendered.

Announcing an "overwhelming over subscribing" yesterday, Minister for Economy and Minister Responsible for Climate Change and the Attorney-General Aiyaz Sayed-Khaiyum said the Reserve Bank of Fiji had received $47.7m in excess of the amount the bonds were aimed to raise.

"We are pleased to announce the issue of the first green bonds today. The issue follows the overwhelming interest recorded in the week-long tender which saw the floated amount of $40m being over-subscribed," he said.

Mr Sayed-Khaiyum said local banks, which normally do not invest in bonds combined to make a bid for the whole value of the $40m bonds.

Although he thanked commercial banks given that the green bonds attracted the highest amount ever tendered for any domestic bond, Mr Sayed-Khaiyum confirmed that the banks were only issued an allotment of $13.27m.

Reserve Bank of Fiji governor Ariff Ali said in the event of an excess of tenders, investors are then only allotted the percentage value of their bid against the initial amount on offer which in this case was $40m.

There are four tranches in total which the Government hopes will raise a total of $100m and another three tranches worth $20m to be issued over the next few months, with the next in December.

According to Mr Sayed-Khaiyum, the green bonds recorded three times the participation response of similar government infrastructure bonds.

Other investors include the Fiji National Provident Fund and one overseas investor.

Mr Sayed-Khaiyum said the Government would begin works as soon as possible on areas such as transportation, relocation of villages and sea wall construction.

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