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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

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 4 11 312 000 000
corporate
USD 419 209 826 024 020
HKD 116 47 549 000 000
EUR 47 17 705 974 000
CNY 20 9 689 000 000
AUD 13 2 072 388 000
JPY 12 59 740 000 000
GBP 8 2 845 000 000
CHF 7 785 000 000
SAR 5 6 400 000 000
PEN 5 1 213 321 000
SEK 5 1 005 400 000
ZAR 2 120 000 000
RUB 1 4 500 000 000

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
Bioceanico Sovereign, 0% 5jun2034, USD (5495D) - International bonds USG11176AA54 0% 732 226 000  USD 05/09/2019 06/05/2034
Signum Millenia II, 7.7% 17apr2020, USD - International bonds XS1990729276 7.7% 15 000 000  USD 04/29/2019 04/17/2020
ASCENT FINANCE, 2.44% 26apr2049, SEK - International bonds XS1990804400 2.44% 287 000 000  SEK 04/25/2019 04/26/2049
REPACK BOND COLLATERAL, FRN 3apr2024, USD - International bonds XS1972544594 1 550 000 000  USD 03/25/2019 04/03/2024
ASCENT FINANCE, 0.425% 28may2024, JPY - International bonds XS1965491613 0.425% 1 000 000 000  JPY 03/13/2019 05/28/2024
Lani Finance, 1.92% 19oct2048, EUR - International bonds XS1963742058 1.92% 10 000 000  EUR 03/12/2019 10/19/2048
GPMT LTD 2019 FL2, FRN 22feb2036, USD (19-FL2, Class A) - International bonds US36259BAA52 1M LIBOR USD+1.3% 386 731 000  USD 02/28/2019 02/22/2036
Sunrise Cayman, 5.25% 11mar2024, USD - International bonds XS1927705308 5.25% 500 000 000  USD 02/28/2019 03/11/2024
Earls Four, 2% 10apr2032, JPY - International bonds XS0124107276 2% until 10.03.2026, then 6M LIBOR JPY +1.05% 740 000 000  JPY 01/24/2019 04/10/2032
Wuyi Mountains, 6.95% 6jun2020, USD - International bonds XS1920041362 6.95% 80 000 000  USD 12/06/2018 06/06/2020

Forex

Daily indices

Type: 05/24/2019 05/23/2019 05/22/2019 05/21/2019 05/20/2019 05/17/2019 05/16/2019
FOREX rates
[12697] USD/KYD 0.8200 0.8200 0.8200 0.8200 0.8200 0.8200 0.8200
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BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10269] Caymanian international bonds, USD bln 1 665.900 1 612.900 1 565.400 1 504.500 1 449.500 1 415.900 1 363.400
BIS new international bonds volume
[10601] International-bond net issue of Cayman Islands, USD bln 55.300 62.600 54.600 53.500 30.400 47.100 1.800

GDP

Yearly indices

Type: 2017 2016 2015 2014
Government debt-to-GDP (Latin America)
[15249] Government Debt to GDP(Cayman Islands) 14.50 16.50 18.50 19.30

International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Latin America international bonds outstanding volume
[21423] Cayman Islands international bonds, USD bln 17.970 17.353 14.638 14.685 14.671 17.498 16.464
[21483] Cayman Islands corporate international bonds, USD bln 17.658 17.041 14.326 14.373 14.359 17.186 16.152
[21543] 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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Inflation

Quarterly indices

Type: II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016
Inflation (Latin America)
[15597] Inflation Rate (Cayman Islands) 4.80 3.20 2.10 1.40 2.20 1.70 0.60

New international bonds volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018
Latin America new international bonds volume
[18439] New issues of Cayman islands international bonds, USD bln 0.045 1.570 0.887 0.007 0.080 0.080 0.272
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Yearly indices

Type: 2018 2017 2016 2015 2014
Latin America new international bonds volume
[19235] Annual new issues of Cayman Islands sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19295] Annual new issues of Cayman Islands corporate international bonds, USD bln 3.966 1.690 0.668 0.405 0.523
[19355] Annual new issues of Cayman Islands corporate international bonds, (financial sector) USD bln 2.266 0.871 0.480 0.255 0.523
[19415] Annual new issues of Cayman Islands corporate international bonds, (non-financial sector) USD bln 1.701 0.819 0.188 0.150 0.000

New international bonds number

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018
Latin America new international bonds number
[18497] Number of Cayman islands new international bond issues 2 3 2 1 1 1 2
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Cayman Islands, 5.95% 24nov2019, USD   USD 11/24/2019 05/18/2016 *** *.** 05/18/2016 *** *.**
Apus Rated Limited, 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.*
Arkab Rated Limited, 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Asterope Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Banco Safra (Cayman Islands) Limited, 1.5% 11dec2019, CHF   CHF 12/11/2019 05/18/2016 **.** *.** 05/18/2016 *** *.**
Dyphda Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Euterpe Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 06/30/2030 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 06/30/2030 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 06/30/2035 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 06/30/2035 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Kithalpa Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Liber Rated Ltd., 1.55% 28jun2030, EUR   EUR 06/28/2030 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
NSA Bondco, 12% 31aug2020, USD   USD 08/31/2020 05/18/2016 ** **.** 05/18/2016 ** **.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 06/30/2040 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 06/30/2040 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Polyhymnia Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Signum Momentum Ltd., 0% 30jun2050, EUR (15006D)   EUR 06/30/2050 05/18/2016 ***.** -*.** 05/18/2016 ***.** -*.**
Urania Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Urania Rated Ltd., FRN 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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