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Access 9% Bond Offer Closes

  Access Financial Services' bond offer to raise J$102.5 million was closed after a day on the market.

The proceeds of the short-term bond, which has a coupon of nine per cent, will finance growth of the moneylending company's loan book.

The debt instrument matures in 13 months. It's priced to yield 11 per cent.

Access plans to list the instrument on the bond market of the Jamaica Stock Exchange.

The notes are issued at a price of 97.99649 per cent of the face value of each note, representing a discount of 2.00351 per cent. Tania Waldron, senior vice-president at Mayberry Investment Limited, the lead arranger of the bond float, said the pricing is just for structural reasons.

"Interest rates are on a rise; when we do a market read we find that people prefer the bond to be structured like this so they can buy below par, so when it starts to trade it won't be at a premium," Waldron said.

Read more: http://jamaica-gleaner.com/gleaner/20131011/business/business7.html

Release Date: 
Friday, October 11, 2013