Monday 24 November 2014
The Treasury & Resources Department has progressed preparations for the issuance of an inaugural States of Guernsey Bond and announces a series of fixed income investor meetings commencing 27 November 2014
Not for distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan or any other jurisdiction where to do so would be unlawful.
The States of Guernsey through its bookrunners Barclays, Deutsche Bank and RBC Capital Markets has announced to the market its intention to issue a long dated Sterling benchmark bond subject to market conditions.
A series of investor meetings will be held in Guernsey, London and Edinburgh commencing 27 November 2014.
On 29 October 2014 the international credit rating agency, Standard & Poor's, confirmed they had assigned an 'AA+ / A-1+' stable outlook credit rating to the States of Guernsey.
Deputy Gavin St Pier, Minister for Treasury and Resources, said:
"We are delighted to be working with world-class financial institutions that have a strong Guernsey presence.
"The proposed bond issuance is not about raising money to spend. It is about refinancing more cost effectively our public sector trading entities, all of which have income streams to support their own borrowings. It will help us make sure our assets work better for us, and ensure that the borrowing we have is consolidated and done in a way that gets a better deal for the Island."
This communication (and the information contained herein) does not contain or constitute an offer of securities for sale, or solicitation of an offer to purchase securities, in the United States, Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful. The securities referred to above have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act"), or the securities laws of any states of the United States or other jurisdiction, and the securities may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit, of U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws.
This communication is directed solely at (i) persons outside the United Kingdom, (ii) persons with professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "Order"), (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons in (i)-(iv) above being "relevant persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with relevant persons. Any person who is not a relevant person should not act or rely on this communication.