Africa-Press – Seychelles. The government, through the Ministry of Finance, National Planning and Trade is issuing a 10-year treasury bond for fiscal purposes as per its quarter 3 issuance plan.
The 10-year bond is in line with the government’s strategy to lengthen the maturity of its debt profile and meet market demand for longer-tenor bonds.
The bond, worth a total of R75 million, will be available on an auction basis, the allocation of which will take place on Monday September 11, 2023. The application window for the auction will open one week prior to the allocation date, on Monday September 4, 2023 and close at 8.30am on the auction day.
The 10-year treasury bond will be earning a fixed interest rate of 7.8% per annum. Interest payments for the bond will be done half-yearly, on June 15 and December 15 and calculated on a 365-day year. The first payment of interest will be on December 15, 2023.
The bond will be issued in multiples of R1,000 with a minimum value of R1,000.
The auction will be both on a competitive and non-competitive basis, with the former available to depository institutions, the Seychelles Pension Fund and insurance companies. The non-competitive auction will be available to all other eligible investors. The issuance of the bond is applicable to both residents and non-residents having a Seychelles rupee account with a local financial institution, in all cases.
The issuance and management of the bond will be undertaken by the Central Bank of Seychelles (CBS).
The prospectus will be published in Seychelles newspapers on Saturday September 2, 2023, Monday September 4, 2023 and Wednesday September 6, 2023.
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