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Mayberry CEO Gary Peart.
Mayberry Investments Limited (MIL) has upsized its bond offer which reflects wider confidence in the private capital markets which was crowded out by Government backed securities.
The company released its bond prospectus on August 16 to raise $1.3 billion, with the offer closing on September 20. It however upsized the bond to $2 billion It marks “an additional $687 million in the 10.75 per cent secured bonds due 2025 available for subscription."
Since late 2021 the Bank of Jamaica (BOJ) increased its overnight interest rates offered to institutions from 0.5 per cent to seven per cent. This resulted in longer-term government-back securities attracting yields above 10 per cent.
Since early August however, these rates started dropping from nearly 12 per cent to below 10 per cent. Then in late August, the BOJ reduced the overnight rate to 6.75 per cent signaling a move towards the further reductions.
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