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Cayman Islands: bonds

The Cayman Islands’ economy is primarily driven by the financial services industry, tourism and the legal and accounting industries. The financial services industry generated approximately 50% of the Cayman Islands’ GDP in 2006 and 2007 and provided approximately 36.1%, 37.6% and 39.8% of our revenues through annual fees relating to licenses and work permits in 2006, 2007 and 2008, respectively. For the three-month period ended September 30, 2009, the financial services industry provided US$26.0 million or 24.9% of our revenues. The first fiscal quarter results reflect the effect of seasonality since we derive the majority of revenues in the second quarter of the fiscal year and also the effects of the global financial crisis. As of March 31, 2009, the Cayman Islands was the world’s sixth largest banking center in terms of assets and the world’s fourth largest banking center in terms of liabilities, according to the Bank for International Settlements. As of August 31,2009, the Cayman Islands was also the world’s second largest offshore insurance center and a leader in the offshore mutual funds industry, according to the AMB Country Risk Report. The financial services industry also stimulates other areas of the Cayman Islands’ economy, particularly its legal and accounting industries. We are focused on further enhancing the integrity of the Cayman Islands’ financial sector through domestic regulation and international regulatory cooperation.
The Cayman Islands public sector debt consists of U.S. dollar-denominated debt and a small amount of Euro-denominated debt. The Legislative Assembly must appropriate any incurrence of liabilities. The 2009 Constitution, which came into effect on November 6, 2009, limits Government borrowing to 10% of Government revenue, as determined by a United Kingdom Secretary of State. The Legislative Assembly may provide for a higher percentage for urgent or extremely important matters.
Total debt increased from US$208.5 million as of June 30, 2006, to US$505.5 million as of June 30,2009, and US$570.3 million as of October 31, 2009. This change amounted to an increase of debt as a percentage of nominal GDP from 7.3% in fiscal year 2005/2006 to 16.5% in fiscal year 2008/2009 and 18.6% for the four-month period ended October 31, 2009, on an annualized basis. Government estimates that this borrowing balance will total approximately US$599.7 million as of June 30, 2010. Debt service ratio (ratio of interest expense to GDP) was 3.9%, 3.3% and 5.3% in fiscal year 2006/2007, 2007/2008 and 2008/2009,respectively.

Outstanding bond issues

Moneda Outstanding bond issues Cumulative volume
Soberano
USD 3 9 312 000 000
Corporativo
USD 377 200 792 479 250
HKD 84 33 566 000 000
EUR 55 21 365 036 000
AUD 12 2 041 530 000
CNY 11 4 814 040 000
GBP 9 3 045 000 000
JPY 8 56 100 000 000
PEN 5 1 213 321 000
CHF 4 505 000 000
ZAR 3 130 000 000
SGD 2 1 550 000 000
RUB 1 4 500 000 000
SAR 1 250 000 000
SEK 1 72 000 000
NOK 1 700 000 000
BRL 1 500 000 000
ITL 1 275 000 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Lani Finance, 3.15% 11oct2047, SEK - Bonos internacionales XS1777873024 3.15% 72 000 000  SEK 14/02/18 11/10/47
Telford Offshore, 1% 12feb2024, USD - Bonos internacionales NO0010815921 1% PIK Toggle Notes 175 000 000  USD 12/02/18 12/02/24
Banco Safra (Cayman Islands) Limited, 4.125% 8feb2023, USD - Bonos internacionales US05964TAQ22 4.125% 500 000 000  USD 01/02/18 08/02/23
QNB Finance Ltd, 4.9% 1feb2028, AUD - Bonos internacionales AU3CB0250363 4.9% 275 000 000  AUD 25/01/18 01/02/28
QNB Finance Ltd, FRN 1feb2023, AUD - Bonos internacionales AU3FN0040580 Floating Rate 225 000 000  AUD 25/01/18 01/02/23
QNB Finance Ltd, 4.15% 1feb2023, AUD - Bonos internacionales AU3CB0250355 4.15% 275 000 000  AUD 25/01/18 01/02/23
ADCB Finance Limited, 0.375% 23jan2023, CHF - Bonos internacionales CH0391648026 0.375% 175 000 000  CHF 23/01/18 23/01/23
Noble Holding International, 7.875% 1feb2026, USD - Bonos internacionales USG65437AA63 7.875% 750 000 000  USD 17/01/18 01/02/26
Itau Unibanco Holding Cayman, 6.125% perp., USD - Bonos internacionales USP5R6DPAA84 6.125% 1 250 000 000  USD 05/12/17
Siam Commercial Bank Cayman Islands, 2.75% 16may2023, USD - Bonos internacionales XS1718991414 2.75% 500 000 000  USD 09/11/17 16/05/23

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Caymanian international bonds, USD bln 360.000 352.000 356.400 361.300 1.343 1.334 1.340
BIS net issues of international-bond market of emerging countries
International-bond net issue of Cayman Islands, USD bln 1.800 8.900 5.200 19.200 2.000 -3.200 8.000

New issues of Emerging markets International Bonds

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Emerging Markets International Bonds (Latin America)
New issues of Cayman islands international bonds, USD bln 1.557 1.250 0.500 1.000 0.060 0.000 0.653
Number of Cayman islands new international bond issues 5 1 1 1 1 0 2
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Emerging Markets International Bonds

Monthly indices

Type Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017
Latin American Markets International Bonds
Cayman Islands international bonds, USD bln 19.316 17.645 16.318 15.553 14.685 14.416 14.201
Cayman Islands corporate international bonds, USD bln 19.004 17.333 16.006 15.241 14.373 14.104 13.889
Cayman Islands sovereign international bonds, USD bln 0.312 0.312 0.312 0.312 0.312 0.312 0.312
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Currencies

Daily indices

Type: 22/02/18 21/02/18 20/02/18 19/02/18 16/02/18 15/02/18 14/02/18
Exchange Rates (Emerging Markets)
USD/KYD 0.8200 0.8200 0.8202 0.8200 0.8200 0.8200 0.8210
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Macroeconomic Indicators (World economy)

Quarterly indices

Type III 2017 II 2017 I 2017 IV 2016 III 2016
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Cayman Islands) 1.40 2.20 1.70 0.60 0.50

Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Cayman Islands) 16.50 18.50 19.30

Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Cayman Islands, 5.950% 24nov2019, USD   USD 24/11/19 18/05/16 *** *.** 18/05/16 *** *.**
Apus Rated Limited, 1.55% 30jun2020, EUR   EUR 30/06/20 18/05/16 ***.** -*.* 18/05/16 ***.** -*.*
Arkab Rated Limited, 1.55% 30jun2020, EUR   EUR 30/06/20 18/05/16 ***.** -*.* 18/05/16 ***.** -*.**
Asterope Rated Ltd., 1.55% 30jun2020, EUR   EUR 30/06/20 18/05/16 ***.** -*.* 18/05/16 ***.** -*.**
Dyphda Rated Ltd., 1.55% 30jun2020, EUR   EUR 30/06/20 18/05/16 ***.** -*.* 18/05/16 ***.** -*.**
Euterpe Rated Ltd., 1.55% 30jun2025, EUR   EUR 30/06/25 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 30/06/30 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 30/06/30 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 30/06/35 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 30/06/35 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Kithalpa Rated Ltd., 1.55% 30jun2020, EUR   EUR 30/06/20 18/05/16 ***.** -*.* 18/05/16 ***.** -*.**
Liber Rated Ltd., 1.55% 28jun2030, EUR   EUR 28/06/30 18/05/16 ***.** *.** 18/05/16 ***.** *.**
NSA Bondco, 12% 31aug2020, USD   USD 31/08/20 18/05/16 ** **.** 18/05/16 ** **.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 30/06/40 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 30/06/40 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Polyhymnia Rated Ltd., 1.55% 30jun2025, EUR   EUR 30/06/25 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Signum Momentum Ltd., 0% 30jun2050, EUR (15006D)   EUR 30/06/50 18/05/16 ***.** -*.** 18/05/16 ***.** -*.**
Urania Rated Ltd., 1.55% 30jun2025, EUR   EUR 30/06/25 18/05/16 ***.** *.** 18/05/16 ***.** *.**
Urania Rated Ltd., 1.55% 30jun2025, EUR   EUR 30/06/25 18/05/16 ***.** *.** 18/05/16 ***.** *.**
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150 000
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countries
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