Mayberry Investments has announced that it has closed its tranche III secured bonds IPO to new applicants, due to an over-subscription.

The brokerage firm shared that it has received applications in excess of J$1.25 billion as at January 12, 2023, for its Tranche III Secured Bonds in the Mayberry Bond IPO.

Tranche III was closed today (January 12) at 2pm. It had a fixed interest rate of 11 per cent for 24 months. But, Tranche I and II are still available.

Tranche I has a fixed interest rate of 9.25 per cent for 13 months, while Tranche II has a fixed interest rate of 10.00 per cent for 18 months.

Mayberry had upsized and extended the closing date for its Bond due to excess demand, with the new closing date set for January 20 at 4:30 pm. The institution noted, however, that it “reserved the right to close early, once each of the tranches of the Secured Bonds is fully subscribed”.

In addition to tranche III, tranche IV was also closed on December 23 to new applicants as it was oversubscribed beyond its initial $1.25-billion target.

The brokerage is urging interested persons to “apply now if they do not wish to get left behind”, noting that it operates on a “first come first served” basis.