Guernsey Government to issue bond

28 November 2014

The Treasury and Resources Department at the States of Guernsey has progressed preparations for the issuance of an inaugural States of Guernsey Bond.

The States of Guernsey through its bookrunners Barclays, Deutsche Bank and RBC Capital Markets has announced to the market its intention to issue a long-dated Sterling benchmark bond subject to market conditions.

A series of fixed-income investor meetings are commencing this week in Guernsey, London and Edinburgh. On 29 October 2014 the international credit rating agency , Standard & Poor's, confirmed they had assigned an 'AA+ / A-1+' stable outlook credit rating to the States of Guernsey.

Treasury and Resources Minister Gavin St Pier said: "The proposed bond issuance is not about raising money to spend. It is about refinancing more cost effectively our public sector trading entities, all of which have income streams to support their own borrowings. It will help us make sure our assets work better for us, and ensure that the borrowing we have is consolidated and done in a way that gets a better deal for the Island."

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