NCB Financial Group Limited has raised J$15 billion from a recently floated Jamaican Dollar fixed rate corporate bond.

Over 1,000 investors bought into the bond issue, which could have been upsized to $22 billion, which was cut off once NCB hit the J$15-billion threshold.

In an advisory to the Jamaica Stock Exchange yesterday (September 28), NCB indicated that the three-year senior unsecured corporate bond with a coupon of 6.0 per centwas arranged by the banking group’s brokerage and investment banking subsidiary, NCB Capital Markets Limited.

NCB has acknowledged that this most recent bond offer was no easy affair based on prevailing events leading to the open and closing off the bond offer.

The proceeds of the bond offer was used to refinance part of NCB’s US$140.48-million USD-indexed bond, which matured at the end of August.

With the bond offer now being closed, NCB is looking to list the bond on the JSE.