TT Govt to raise US$750 million

• The Government yesterday indicated that it is seeking to borrow up to US$750Mn (TT$5.09Bn) on the international capital market for "the financing of general development in Trinidad and Tobago or repaying borrowings effected for the general development."
• According to the notice, JP Morgan Securities LLC and Citibank will manage the bond issuance. Under the External Loans Order of 2026, the bond's principal, interest, and debt charges are exempt from taxes and exchange controls.
• However, the government has not yet disclosed the interest rate, bond term, or launch date.
• This notice comes almost 6 months after the country executed a Eurobond issuance (the TRITOB 6.50% 2036), which supported the partial redemption of its US$1Bn 2026 bond (the TRITOB 4.50% 2026). The 2036 issuance extended the average maturity of the external debt from 4.1 years to 6.3 years, strengthening the country's refinancing profile and reducing rollover risks.
• Currently, 40.7% of the 2026 Notes remain outstanding, and the proposed notes will likely be used to finance this outstanding amount as the notes mature on August 4, 2026.

(Sources: Trinidad Guardian, BMI, A Fitch Solutions Company & NCB Merchant Bank (TT) Ltd)