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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 377 202 144 217 080
HKD 91 36 001 000 000
EUR 57 22 585 036 000
CNY 13 6 349 040 000
AUD 12 2 041 530 000
JPY 9 58 100 000 000
GBP 8 2 845 000 000
PEN 5 1 213 321 000
SAR 4 2 900 000 000
CHF 4 505 000 000
SEK 3 368 000 000
ZAR 3 130 000 000
SGD 2 1 550 000 000
NOK 1 700 000 000
RUB 1 4 500 000 000
BRL 1 500 000 000

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
Banco do Brasil, Grand Cayman Branch, 4.875% 19apr2023, USD - International bonds USP3772WAJ10 4.875% 750 000 000  USD 04/12/2018 04/19/2023
Itau Unibanco Holding Cayman, 6.5% perp., USD - International bonds USP5R6DPAB67 6.5% 750 000 000  USD 03/12/2018
Lani Finance, 2.85% 2jun2046, SEK - International bonds XS1790037243 2.85% 50 000 000  SEK 03/02/2018 06/02/2046
Lani Finance, 2.54% 12jul2047, SEK - International bonds XS1789175368 2.54% 246 000 000  SEK 02/28/2018 07/12/2047
Lani Finance, 3.15% 11oct2047, SEK - International bonds XS1777873024 3.15% 72 000 000  SEK 02/14/2018 10/11/2047
Telford Offshore, 1% 12feb2024, USD - International bonds NO0010815921 PIK Toggle Note Option 1: Cash 1% and PIK 13% Option 2: Cash 10% and PIK 0% Option 3: Cash 4% and PIK 8% 175 000 000  USD 02/12/2018 02/12/2024
Telford Offshore, 9% 31dec2019, USD - International bonds NO0010814643 9% Pay-In-Cash and 6% Pay-In-Kind from the interest commencement date until 23.06.2019, 15% Pay-In-Cash from 23.06.2019 to maturity 21 487 830  USD 02/12/2018 12/31/2019
Banco Safra (Cayman Islands) Limited, 4.125% 8feb2023, USD - International bonds US05964TAQ22 4.125% 500 000 000  USD 02/01/2018 02/08/2023
QNB Finance Ltd, 4.9% 1feb2028, AUD - International bonds AU3CB0250363 4.9% 275 000 000  AUD 01/25/2018 02/01/2028
QNB Finance Ltd, FRN 1feb2023, AUD - International bonds AU3FN0040580 Floating Rate 225 000 000  AUD 01/25/2018 02/01/2023

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 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Emerging Markets International Bonds (Latin America)
New issues of Cayman islands international bonds, USD bln 0.756 0.735 1.375 1.250 0.500 1.000 0.060
Number of Cayman islands new international bond issues 2 5 4 1 1 1 1
show other indices

Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Latin American Markets International Bonds
Cayman Islands international bonds, USD bln 20.769 20.021 19.316 17.645 16.318 15.553 14.685
Cayman Islands corporate international bonds, USD bln 20.457 19.709 19.004 17.333 16.006 15.241 14.373
Cayman Islands sovereign international bonds, USD bln 0.312 0.312 0.312 0.312 0.312 0.312 0.312
Latin American International Bonds Markets (adjusted for amortization)
Cayman Islands international bonds, USD bln 20.703 19.957 19.471 17.584 16.257 15.567 14.703
Cayman Islands corporate international bonds, USD bln 20.391 19.645 19.159 17.272 15.945 15.255 14.391
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: 04/23/2018 04/20/2018 04/19/2018 04/18/2018 04/17/2018 04/16/2018 04/13/2018
Exchange Rates (Emerging Markets)
USD/KYD 0.8209 0.8202 0.8200 0.8201 0.8202 0.8206 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 ***.** -*.**
Swire Pacific MTN Fin., 3% 22mar2023, HKD   HKD 03/22/2023 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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countries
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