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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 414 199 543 994 840
HKD 120 51 259 000 000
EUR 50 17 559 974 000
CNY 20 8 507 000 000
AUD 13 1 959 388 000
JPY 12 59 240 000 000
GBP 10 2 931 000 000
CHF 7 705 000 000
SEK 5 1 005 400 000
SAR 4 6 150 000 000
ZAR 2 120 000 000
RUB 1 4 500 000 000
NZD 1 30 000 000
PTE 1 14 012 750 340
CZK 1 1 250 000 000
IDR 1 570 000 000 000

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
ARLO XII, 0.28% 23mar2024, EUR - International bonds XS2066062071 0.28% 50 000 000  EUR 10/09/2019 03/23/2024
Earls Eight, FRN 15feb2024, USD (786) - International bonds XS2066060026 3M LIBOR USD + 2.1% 4 500 000  USD 10/08/2019 02/15/2024
ADCB Finance Limited, 0% 16oct2049, USD (10958D) - International bonds XS2064450682 0% 20 000 000  USD 10/03/2019 10/16/2049
ADCB Finance Limited, 0.038% 10oct2022, EUR - International bonds XS2064304947 0.038% 20 000 000  EUR 10/03/2019 10/10/2022
ADCB Finance Limited, 0% 9oct2049, USD (10958D) - International bonds XS2063496033 0% 30 000 000  USD 10/02/2019 10/09/2049
ADCB Finance Limited, 0% 16oct2049, USD (10958D) - International bonds XS2064306058 0% 30 000 000  USD 10/02/2019 10/16/2049
ADCB Finance Limited, 0% 8oct2059, USD (14610D) - International bonds XS2063297779 0% 40 000 000  USD 10/01/2019 10/08/2059
Doha Finance, 0.35% 7oct2021, JPY - International bonds XS2060925216 0.35% 1 000 000 000  JPY 09/27/2019 10/07/2021
ABQ Finance, 3.125% 24sep2024, USD - International bonds XS2055646835 3.125% 500 000 000  USD 09/17/2019 09/24/2024
ADCB Finance Limited, 0% 24sep2059, USD (14610D) - International bonds XS2055724574 0% 40 000 000  USD 09/17/2019 09/24/2059

Forex

Daily indices

Type: 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019 10/04/2019 10/03/2019
FOREX rates
[12697] USD/KYD 0.8200 0.8200 0.8200 0.8200 0.8200 0.8200 0.8200
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GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Latin America)
[15249] Government Debt to GDP(Cayman Islands) 9.20 14.50 16.50 18.50 19.30

International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Latin America international bonds outstanding volume
[21423] Cayman Islands international bonds, USD bln 12.607 11.524 11.719 11.477 18.698 17.970 17.353
[21483] Cayman Islands corporate international bonds, USD bln 12.295 11.212 11.407 11.165 18.386 17.658 17.041
[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: I 2019 IV 2018 II 2018 I 2018 IV 2017 III 2017
Inflation (Latin America)
[15597] Inflation Rate (Cayman Islands) 4.50 3.50 4.80 3.20 2.10 1.40

New international bonds volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Latin America new international bonds volume
[18439] New issues of Cayman islands international bonds, USD bln 1.079 0.015 0.077 0.011 0.000 0.045 1.570
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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 1.375 1.690 0.668 0.405 0.523
[19355] Annual new issues of Cayman Islands corporate international bonds, (financial sector) USD bln 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 0.376 0.819 0.188 0.150 0.000

New international bonds number

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Latin America new international bonds number
[18497] Number of Cayman islands new international bond issues 5 1 3 1 1 2 3
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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 10/11/2019 ***.* *.** 10/11/2019 ***.* -*.**
Apus Rated Limited, 1.55% 30jun2020, EUR   EUR 06/30/2020 10/11/2019 ***.** -*.** 10/11/2019 ***.** -*.**
Arkab Rated Limited, 1.55% 30jun2020, EUR   EUR 06/30/2020 10/11/2019 ***.** -*.** 10/11/2019 ***.*** -*.**
Asterope Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 10/11/2019 ***.** -*.** 10/11/2019 ***.*** -*.**
Dyphda Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 10/11/2019 ***.** -*.** 10/11/2019 ***.*** -*.**
Etude Rated Ltd., 1.55% 30jun2040, EUR   EUR 06/30/2040 10/11/2019 ***.** *.** 10/11/2019 ***.** *.**
Euterpe Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 10/11/2019 ***.** -*.** 10/11/2019 ***.*** -*.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 06/30/2030 10/11/2019 ***.** -*.** 10/11/2019 ***.** -*.**
Evander Rated Ltd., 1.55% 30jun2030, EUR   EUR 06/30/2030 10/11/2019 ***.** -*.** 10/11/2019 ***.** -*.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 06/30/2035 10/11/2019 ***.** *.** 10/11/2019 ***.** *.**
Gesher Rated Ltd., 1.55% 30jun2035, EUR   EUR 06/30/2035 10/11/2019 ***.** *.** 10/11/2019 ***.** *.**
Kithalpa Rated Ltd., 1.55% 30jun2020, EUR   EUR 06/30/2020 10/11/2019 ***.** -*.** 10/11/2019 ***.** -*.**
Liber Rated Ltd., 1.55% 28jun2030, EUR   EUR 06/28/2030 10/11/2019 ***.** -*.** 10/11/2019 ***.** -*.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 06/30/2040 10/11/2019 ***.** *.** 10/11/2019 ***.** *.**
Overture Rated Ltd., 1.55% 30jun2040, EUR   EUR 06/30/2040 10/11/2019 ***.** *.** 10/11/2019 ***.** *.**
Polyhymnia Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 10/11/2019 ***.** -*.** 10/11/2019 ***.*** -*.**
Signum Momentum Ltd., 0% 30jun2050, EUR (15006D)   EUR 06/30/2050 10/11/2019 ***.** -*.** 10/11/2019 ***.*** -*.**
Urania Rated Ltd., 1.55% 30jun2025, EUR   EUR 06/30/2025 10/11/2019 ***.** -*.** 10/11/2019 ***.*** -*.**
Urania Rated Ltd., FRN 30jun2025, EUR   EUR 06/30/2025 10/11/2019 ***.** * 10/11/2019 ***.*** *
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