Durrant Pate/ Contributor

Mayberry Jamaican Equities (MJE) is celebrating the successful listing on the Jamaica Stock Exchange (JSE) of its three tranches of bonds, which raised $3.37 billion two months ago. 

The JSE has had four bond listings since the beginning of the year with Mayberry’s bonds representing the largest total raised and listed on the JSE’s Bond Market since the start of the year. To cater for the demand, the bonds were upsized from $750 million each due to over-subscription.   

Mayberry’s bonds came to the market in May 2024 and the offer closed in June 2024. The bonds have been listed on the JSE’s Bond Market since July 30, 2024.

JSE Managing Director, Dr Marlene Street-Forrest in a ceremony marking the occasion, congratulated Mayberry for effectively utilizing the market to raise capital for production.

“I have been consistent with my commendation to the Mayberry team who have been able to read the market well and have offered investors securities that are attractive to them. With the listing of these bonds, Mayberry is in fact developing the bond market and the understanding and appetite of investors that there are several ways to build great portfolios during whatever market cycle a securities market is experiencing,” she told the small audience that gathered at the JSE’s Harbour Street head office.

Dr Street Forrest reminded listed companies that there is an opportunity to raise more capital on the market, whether through rights issues, bonds or preference shares adding. “You have captive shareholders who, if they believe in the company, as is clearly demonstrated by the Mayberry Group, would see the advantage of investing further in the company. This is crucial not only for Mayberry but for all other issuers who will be able to tap into an investor-ready group of people for capital to fuel investments and development.”

Dr Street Forrest added: “As we seek to expand our reach and cater to all types of investors, I am calling on Mayberry and other brokers to assist with the development of the market. We will be launching the green bond market shortly and we call on your participation as here is another way to attract domestic and foreign capital. Overall, I am inviting other companies, large or small, to take advantage of the stock market. Let us utilize all the platforms and facilities that are available to chart a way towards growth and prosperity.”

For his part, Mayberry Investments CEO, Gary Peart remarked that Mayberry has been able to reshape the Bond market, so that instead of a minimum purchase of one million dollars usually offered to investors, so they can now participate with a minimum purchase of $20,000. He explained that this action is to assist the investor to be able to buy into these bonds, to get a better interest rate than with a savings account. 

Pointing out that a savings account gives 1% return before the tax is withdrawn, Peart emphasized that this bond will pay 10% return noting that investors should look at what gives them greater return. In the case of the equities market, he suggested that investors could put aside a small amount each month to buy stock or alternatively use the savings in their bank accounts to buy the stock of the bank. 

Peart spoke about his personal stock market experience. “My first investment in the stock market was $2,000. I bought a stock and held it for eight years and when I sold the stock, it was $800,000. That is the power of the Jamaica Stock Exchange. If you want to get rich, just take $1,000 a month and buy some stocks. In 10-20 years, you will join the crowd of happy persons who wonder what they will use the money to buy.”

Dan Theoc, Senior VP of Investment Banking, Mayberry Investments declared that the investment and brokerage firm “is the proud broker for this transaction, to bring yet another solution to the Jamaican market. And we look forward to the future. We will be back sooner than you think. We look forward to further developing the market. We feel confident about this as BoJ has started to reduce interest rates, which is favourable to the Jamaica Stock Exchange.”

He thanked the brokers which have partnered with Mayberry over the years to develop the Bond Market, with special mention given to VM, JMMB and Sagicor,  encouraging them to continue to support Bond Market transactions.