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 329 187 287 349 960
HKD 61 22 927 000 000
EUR 53 21 492 512 000
CNY 10 4 262 040 000
GBP 10 3 264 548 000
JPY 7 51 400 000 000
AUD 5 698 000 000
CHF 5 505 000 000
SGD 3 1 578 000 000
ZAR 3 130 000 000
NOK 2 1 300 000 000
SAR 1 250 000 000
MYR 1 400 000 000
PEN 1 212 316 000
ITL 1 275 000 000 000
BRL 1 500 000 000

Sovereign rating

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

issue ISIN coupon volume end of placement maturity date
Caelus Re V, FRN 5jun2020, USD - International bonds 3M US Treasury Bill+3.25% 75 000 000  USD 04/27/2017 06/05/2020
Caelus Re V, FRN 5jun2020, USD - International bonds 3M US Treasury Bill+6.5% 75 000 000  USD 04/27/2017 06/05/2020
Caelus Re V, FRN 5jun2020, USD - International bonds US12765KAB17 3M US Treasury Bill+4.5% 150 000 000  USD 04/27/2017 06/05/2020
Caelus Re V, FRN 5jun2020, USD - International bonds US12765KAD72 3M US Treasury Bill+9.25% 75 000 000  USD 04/27/2017 06/05/2020
Ironshore Pharmaceuticals & Development, 13% 28feb2024, USD - International bonds USG49479AA90 13% 200 000 000  USD 01/18/2017 02/28/2024
Cni Capital Ltd (Cayman Islands), 4.3% 11nov2019, CNY - International bonds HK0000312634 4.3% 1 500 000 000  CNY 11/11/2016 11/11/2019
Sylph, 2.291% 24jun2036, USD - International bonds XS1439835361 2.291% 35 000 000  USD 08/25/2016 06/24/2036
Sylph, 2.934% 24jun2036, AUD - International bonds XS1439835015 2.934% 80 000 000  AUD 08/09/2016 06/24/2036
Swire Pacific MTN Fin., 2.6% 21jul2028, HKD - International bonds HK0000301348 2.6% 300 000 000  HKD 07/12/2016 07/21/2028
Jets International, 2.022% 20mar2023, USD - International bonds XS1403407742 2.022% 44 700 000  USD 04/27/2016 03/20/2023

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Caymanian international bonds, USD bln 352.000 356.400 361.300 1.343 1.334 1.340 1.334
BIS net issues of international-bond market of emerging countries
International-bond net issue of Cayman Islands, USD bln 8.900 5.200 19.200 2.000 -3.200 8.000 18.900

Currencies

Daily indices

Type: 05/22/2017 05/19/2017 05/18/2017 05/17/2017 05/16/2017 05/15/2017 05/12/2017
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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