Local stock brokerage firm, Mayberry Investments Limited, has exercised its right to upsize its bond due to excessive demands from the retail market.
The invitation, which became available to investors on December 2, 2022, was scheduled to close on January 6, 2023. However, resulting in the decision to upsize, the closing date has been pushed back to January 20, 2023, at 4:30 pm.
The bond initially offered four tranches to prospective investors, with a minimum subscription amount of $20,000. Based on the demands from the market and the oversubscription, the brokerage firm closed Tranche IV of the bond on December 23 upon meetings its $1.25 billion target.
“The oversubscription is a confirmation of the market research we conducted. We saw where the market’s demand became convincingly strong as they became aware of the value in the offered tranches. We do not take this lightly, so we anticipate an enticing year ahead of meeting our customers’ expectations”, said Mayberry CEO Gary Peart.
As of 2 pm on Thursday, January 12, Mayberry Investments advised that it has closed Tranche III of the secured bonds to new applicants, as they are now in receipt of applications excessing $1.25 billion.
With an interest rate of 11 per cent spanning 24 months, the new subscription allocation will be based on a “first come, first serve basis”.
Tranche I and II remain open for investors to take advantage of, with interest rates of 9.25 and 10.00 per cent respectively.
The minimum subscription amount for the bond remains at $20,000, with additional increments of $10,000 thereafter.
The secured bonds upsizing has become the largest public market transaction by the company since May 2019.
Moreover, Mayberry now boasts the largest offer on the Jamaica Stock Exchange’s (JSE) public bond market since the relaunch in 2013.
