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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 13 500 000 000
corporate
USD 453 209 076 106 948
HKD 143 62 793 000 000
EUR 48 14 978 254 000
CNY 30 14 676 000 000
AUD 21 2 515 388 000
GBP 9 2 589 000 000
JPY 8 47 340 000 000
CHF 7 785 000 000
SEK 4 718 400 000
SAR 4 5 525 000 000
IDR 3 3 380 000 000 000
SGD 1 175 000 000
INR 1 6 300 000 000
KWD 1 150 000 000
NZD 1 30 000 000
RUB 1 4 500 000 000
AED 1 2 000 000 000
PLN 1 190 000 000
MXN 1 1 000 000 000
PTE 1 14 012 750 340
COP 1 150 000 000 000
ZAR 1 80 000 000
CZK 1 1 250 000 000

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
Tingyi (Cayman Islands) Holding Corporation, 1.625% 24sep2025, USD - International bonds XS2225678312 1.625% 500 000 000  USD 09/17/20 09/24/25
Luminis, FRN 22jun2040, JPY - International bonds XS2213946150 6m LIBOR JPY + 0.16% 2 000 000 000  JPY 08/12/20 06/22/40
Luminis, 5.21% 13feb2026, COP - International bonds XS2208506928 5.21% 150 000 000 000  COP 08/06/20 02/13/26
Luminis, 6.32% 30jan2026, MXN - International bonds XS2207321188 6.32% 1 000 000 000  MXN 07/15/20 01/30/26
Earls Eight, 0.65% 30mar2021, EUR (ECP) - International bonds XS2178217035 0.65% 50 000 000  EUR 05/15/20 03/30/21
Earls Eight, 1.3% 21jul2027, JPY - International bonds XS2156241296 1.3% 300 000 000  JPY 04/06/20 07/21/27
Earls Eight, 1.54% 2dec2024, JPY - International bonds XS2154344191 1.54% 300 000 000  JPY 04/02/20 12/02/24
Luminis, 0% 4aug2066, EUR (16920D) - International bonds XS2141688551 0% 50 000 000  EUR 03/19/20 08/04/66
Earls Eight, FRN 20mar2025, USD - International bonds XS2124856753 3M LIBOR USD 4 400 000  USD 02/17/20 03/20/25
BOUBYAN SUKUK LIMITED, 2.593% 18feb2025, USD - International bonds XS2113136092 2.593% 750 000 000  USD 02/11/20 02/18/25

Forex

Daily indices

Type: 09/28/20 09/25/20 09/24/20 09/23/20 09/22/20 09/21/20 09/18/20
FOREX rates
[12697] USD/KYD 0.8250 0.8250 0.8250 0.8250 0.8250 0.8250 0.8250
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International bonds outstanding volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Latin America international bonds outstanding volume
[21423] Cayman Islands international bonds, USD bln 13.982 13.809 13.512 14.005 13.819 13.807 13.843
[21483] Cayman Islands corporate international bonds, USD bln 13.982 13.809 13.512 14.005 13.819 13.807 13.843
[21543] Cayman Islands sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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New international bonds volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 May 2020 Apr 2020 Mar 2020
Latin America new international bonds volume
[18439] New issues of Cayman islands international bonds, USD bln 0.059 0.045 0.000 0.000 0.000 0.006 0.053
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Yearly indices

Type: 2019 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 0.000
[19295] Annual new issues of Cayman Islands corporate international bonds, USD bln 3.041 1.375 1.690 0.668 0.405 0.523
[19355] Annual new issues of Cayman Islands corporate international bonds, (financial sector) USD bln 3.041 0.999 0.871 0.480 0.255 0.523
[19415] Annual new issues of Cayman Islands corporate international bonds, (non-financial sector) USD bln 0.000 0.376 0.819 0.188 0.150 0.000

New international bonds number

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 May 2020 Apr 2020 Mar 2020
Latin America new international bonds number
[18497] Number of Cayman islands new international bond issues 2 1 0 0 0 2 1
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
ABQ Finance, 3.125% 24sep2024, USD   USD 09/24/24 09/28/20 ***.* *.** 09/28/20 ***.* *.*
BOUBYAN SUKUK LIMITED, 2.593% 18feb2025, USD   USD 02/18/25 09/28/20 ***.* *.** 09/28/20 ***.* *.**
Tingyi (Cayman Islands) Holding Corporation, 1.625% 24sep2025, USD   USD 09/24/25 09/28/20 **.*** *.** 09/28/20 **.*** *.**
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