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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 392 206 254 120 340
HKD 92 36 797 000 000
EUR 52 19 515 036 000
CNY 16 9 271 040 000
AUD 13 2 072 388 000
JPY 11 61 000 000 000
GBP 8 2 845 000 000
PEN 5 1 213 321 000
CHF 4 455 000 000
SEK 4 718 400 000
SAR 4 2 900 000 000
ZAR 3 130 000 000
NOK 1 700 000 000
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
Ironshore Pharmaceuticals & Development, 13% 28feb2024, USD - International bonds USG49479AB73 13% 142 857 140  USD 08/22/2018 02/28/2024
Lani Finance, 2.87% 11oct2047, SEK - International bonds XS1836417193 2.87% 350 400 000  SEK 06/05/2018 10/11/2047
Wuyi Mountains, 7.5% 5may2020, USD - International bonds XS1816310400 7.5% 100 000 000  USD 05/03/2018 05/05/2020
Hinemosu, FRN 10mar2029, AUD - International bonds XS1814988033 FRN 30 858 000  AUD 04/26/2018 03/10/2029
Banco do Brasil, Grand Cayman Branch, 4.875% 19apr2023, USD - International bonds USP3772WAJ10 4.875% 750 000 000  USD 04/12/2018 04/19/2023
Itau Unibanco Holding Cayman, 6.5% perp., USD - International bonds USP5R6DPAB67 6.5% 750 000 000  USD 03/12/2018
Lani Finance, 2.85% 2jun2046, SEK - International bonds XS1790037243 2.85% 50 000 000  SEK 03/02/2018 06/02/2046
Lani Finance, 2.54% 12jul2047, SEK - International bonds XS1789175368 2.54% 246 000 000  SEK 02/28/2018 07/12/2047
Lani Finance, 3.15% 11oct2047, SEK - International bonds XS1777873024 3.15% 72 000 000  SEK 02/14/2018 10/11/2047
Telford Offshore, 1% 12feb2024, USD - International bonds NO0010815921 PIK Toggle Note Option 1: Cash 1% and PIK 13% Option 2: Cash 10% and PIK 0% Option 3: Cash 4% and PIK 8% 175 000 000  USD 02/12/2018 02/12/2024

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Caymanian international bonds, USD bln 1 565.400 1 504.500 1 449.500 1 415.900 1 363.400 1 347.900 1 354.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Cayman Islands, USD bln 54.600 53.500 30.400 47.100 1.800 8.900 5.200

New issues of Emerging markets International Bonds

Monthly indices

Type Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018
Emerging Markets International Bonds (Latin America)
New issues of Cayman islands international bonds, USD bln 0.143 0.000 0.040 0.100 0.773 0.773 0.756
Number of Cayman islands new international bond issues 1 0 1 1 2 2 2
show other indices

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
Annual new issues of Cayman Islands sovereign international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of Cayman Islands corporate international bonds, USD bln 4.974 0.668 0.405 0.523
Annual new issues of Cayman Islands corporate international bonds, (financial sector) USD bln 4.121 0.480 0.255 0.523
Annual new issues of Cayman Islands corporate international bonds, (non-financial sector) USD bln 0.853 0.188 0.150 0.000

Emerging Markets International Bonds

Monthly indices

Type Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018
Latin American International Bonds Markets
Cayman Islands international bonds, USD bln 21.167 21.123 22.012 22.022 22.254 22.306 22.040
Cayman Islands corporate international bonds, USD bln 20.855 20.811 21.700 21.710 21.942 21.994 21.728
Cayman Islands sovereign international bonds, USD bln 0.312 0.312 0.312 0.312 0.312 0.312 0.312
show other indices

Currencies

Daily indices

Type: 09/19/2018 09/18/2018 09/17/2018 09/14/2018 09/13/2018 09/12/2018 09/11/2018
Exchange Rates (Emerging Markets)
USD/KYD 0.8200 0.8203 0.8200 0.8200 0.8200 0.8200 0.8200
show other indices

Macroeconomic Indicators (World economy)

Quarterly indices

Type I 2018 IV 2017 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) 3.20 2.10 1.40 2.20 1.70 0.60 0.50

Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Cayman Islands) 14.50 16.50 18.50 19.30

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Cayman Islands, 5.950% 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 do Brasil, Grand Cayman Branch, 3.75% 25jul2018, EUR   EUR 07/25/2018 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 ***.** -*.**
Swire Pacific MTN Fin., 3% 22mar2023, HKD   HKD 03/22/2023 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., 1.55% 30jun2025, EUR   EUR 06/30/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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200 000
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200 000
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