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Cayman Islands: bonds

The Cayman Islands’ economy is primarily driven by the financial services industry, tourism and the legal and accounting industries. The financial services industry generated approximately 50% of the Cayman Islands’ GDP in 2006 and 2007 and provided approximately 36.1%, 37.6% and 39.8% of our revenues through annual fees relating to licenses and work permits in 2006, 2007 and 2008, respectively. For the three-month period ended September 30, 2009, the financial services industry provided US$26.0 million or 24.9% of our revenues. The first fiscal quarter results reflect the effect of seasonality since we derive the majority of revenues in the second quarter of the fiscal year and also the effects of the global financial crisis. As of March 31, 2009, the Cayman Islands was the world’s sixth largest banking center in terms of assets and the world’s fourth largest banking center in terms of liabilities, according to the Bank for International Settlements. As of August 31,2009, the Cayman Islands was also the world’s second largest offshore insurance center and a leader in the offshore mutual funds industry, according to the AMB Country Risk Report. The financial services industry also stimulates other areas of the Cayman Islands’ economy, particularly its legal and accounting industries. We are focused on further enhancing the integrity of the Cayman Islands’ financial sector through domestic regulation and international regulatory cooperation.
The Cayman Islands public sector debt consists of U.S. dollar-denominated debt and a small amount of Euro-denominated debt. The Legislative Assembly must appropriate any incurrence of liabilities. The 2009 Constitution, which came into effect on November 6, 2009, limits Government borrowing to 10% of Government revenue, as determined by a United Kingdom Secretary of State. The Legislative Assembly may provide for a higher percentage for urgent or extremely important matters.
Total debt increased from US$208.5 million as of June 30, 2006, to US$505.5 million as of June 30,2009, and US$570.3 million as of October 31, 2009. This change amounted to an increase of debt as a percentage of nominal GDP from 7.3% in fiscal year 2005/2006 to 16.5% in fiscal year 2008/2009 and 18.6% for the four-month period ended October 31, 2009, on an annualized basis. Government estimates that this borrowing balance will total approximately US$599.7 million as of June 30, 2010. Debt service ratio (ratio of interest expense to GDP) was 3.9%, 3.3% and 5.3% in fiscal year 2006/2007, 2007/2008 and 2008/2009,respectively.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 3 9 312 000 000
corporate
USD 354 191 771 866 000
HKD 81 31 529 000 000
EUR 54 21 340 036 000
CNY 11 4 794 612 816
GBP 9 3 045 000 000
AUD 9 1 266 530 000
JPY 8 56 000 000 000
PEN 5 1 213 321 000
CHF 3 330 000 000
ZAR 3 130 000 000
SGD 2 1 550 000 000
NOK 2 1 300 000 000
SAR 1 250 000 000
ITL 1 275 000 000 000
BRL 1 500 000 000
RUB 1 4 500 000 000

News and comments

12/06/2017 New bond issue: Itau Unibanco Holding Cayman issued international bonds (US46556MAL63) for USD 1,250.0m
11/20/2017 Moody's Investors Service upgrades LT- foreign currency credit rating of Hutchison Whampoa Finance (CI) Limited to "A2" from "A3"; outlook stable
11/20/2017 Moody's Investors Service upgrades LT- foreign currency credit rating of Hutchison Whampoa International (11) Limited to "A2" from "A3"; outlook stable
11/20/2017 Moody's Investors Service upgrades LT- foreign currency credit rating of Hutchison Whampoa International (09/19) Limited to "A2" from "A3"; outlook stable
11/20/2017 Moody's Investors Service upgrades LT- foreign currency credit rating of Hutchison Whampoa International (12) (II) Ltd. to "A2" from "A3"; outlook stable
11/20/2017 Moody's Investors Service upgrades LT- foreign currency credit rating of Hutchison Whampoa Finance (14) Limited to "A2" from "A3"; outlook stable
11/20/2017 Moody's Investors Service upgrades LT- foreign currency credit rating of Hutchison Whampoa International (14) Limited to "A2" from "A3"; outlook stable
11/20/2017 Moody's Investors Service upgrades LT- foreign currency credit rating of CK Hutchison International 17 to "A2" from "A3"; outlook stable
11/10/2017 New bond issue: Siam Commercial Bank Cayman Islands issued international bonds (XS1718991414) with a 2.75% coupon for USD 500.0m maturing in 2023
11/06/2017 S&P Global Ratings revised outlook on BA-CA Finance (Cayman) to positive and affirmed at "BBB" (Local Currency LT) credit rating

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Gol Finance, 7% 31jan2025, USD - International bonds USL4441RAA43 7% 500 000 000  USD 12/06/2017 01/31/2025
Itau Unibanco Holding Cayman, 6.125% perp., USD - International bonds US46556MAL63 6.125% 1 250 000 000  USD 12/05/2017
Siam Commercial Bank Cayman Islands, 2.75% 16may2023, USD - International bonds XS1718991414 2.75% 500 000 000  USD 11/09/2017 05/16/2023
Global Funding Segregated Portfolio, FRN 22dec2017, CNY (ECP) - International bonds XS1717545187 Variable rate 100 572 816  CNY 11/01/2017 12/22/2017
Banco do Brasil, Grand Cayman Branch, 4.625% 15jan2025, USD - International bonds USP3772WAH53 4.625% 1 000 000 000  USD 10/18/2017 01/15/2025
Pisces Finance, FRN 19sep2032, USD - International bonds XS1679122140 59 800 000  USD 09/12/2017 09/19/2032
Sparc EM SPC Panama Metro Line 2, 0% 5dec2022, USD (1945D) - International bonds USG83113AC73 0% 618 708 000  USD 07/31/2017 12/05/2022
Peters International (Cayman), 5.25% 6jul2020, EUR - International bonds XS1641471005 5.25% 30 000 000  EUR 07/06/2017 07/06/2020
Signum Sapphire J, 0.4% 28nov2026, JPY - International bonds XS1639792503 0.4% 22 000 000 000  JPY 06/29/2017 11/28/2026
Goncius I, 0% 11jul2018, USD (386D) - International bonds XS1626533696 0% 240 000 000  USD 05/29/2017 07/11/2018

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Caymanian international bonds, USD bln 360.000 352.000 356.400 361.300 1.343 1.334 1.340
BIS net issues of international-bond market of emerging countries
International-bond net issue of Cayman Islands, USD bln 1.800 8.900 5.200 19.200 2.000 -3.200 8.000

New issues of Emerging markets International Bonds

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Emerging Markets International Bonds (Latin America)
New issues of Cayman islands international bonds, USD bln 0.500 1.000 0.060 0.000 0.653 0.196 0.240
Number of Cayman islands new international bond issues 1 1 1 0 2 1 1
show other indices

Emerging Markets International Bonds

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Latin American Markets International Bonds
Cayman Islands international bonds, USD bln 16.318 15.553 14.685 14.416 14.201 13.274 12.928
Cayman Islands corporate international bonds, USD bln 16.006 15.241 14.373 14.104 13.889 12.962 12.616
Cayman Islands sovereign international bonds, USD bln 0.312 0.312 0.312 0.312 0.312 0.312 0.312
show other indices

Currencies

Daily indices

Type: 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017 12/01/2017
Exchange Rates (Emerging Markets)
USD/KYD 0.8200 0.8200 0.8200 0.8200 0.8200 0.8200 0.8200
show other indices

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Cayman Islands, 5.950% 24nov2019, USD   USD 11/24/2019 05/18/2016 *** *.** 05/18/2016 *** *.**
Apus Rated Limited, 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.*
Arkab Rated Limited, 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Asterope Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Dyphda Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Euterpe Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 06/30/2030 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 06/30/2030 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 06/30/2035 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 06/30/2035 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Kithalpa Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Liber Rated Ltd., 1.55% 28jun2030, EUR   EUR 06/28/2030 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
NSA Bondco, 12% 31aug2020, USD   USD 08/31/2020 05/18/2016 ** **.** 05/18/2016 ** **.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 06/30/2040 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 06/30/2040 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Polyhymnia Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Signum Momentum Ltd., 0% 30jun2050, EUR (15006D)   EUR 06/30/2050 05/18/2016 ***.** -*.** 05/18/2016 ***.** -*.**
Urania Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Urania Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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