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The "gift of the NIF" Bond offering

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Mr President
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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby Mr President » October 7th, 2018, 12:41 pm

opportunities for the retrenched workers..
and the treasury


Imbert: Use housing bonds to off-set cost of HDC house

The hous­ing bond, he said, will be “sim­i­lar to the NIF Bond, you get­ting an in­ter­est pay­ing bond, you get­ting an as­set.”

Im­bert said the de­ci­sion was not meant to cre­ate an “elit­ist class” for those who could af­ford it, but “was us­ing the cash from the bonds which will be sold to those who can af­ford.”

The HDC, he said, will con­tin­ue to pro­vide hous­ing to those who want to rent, or rent to own, “we are tar­get­ing two dif­fer­ent groups of po­ten­tial home­own­ers.”

Im­bert ex­plained that most of the peo­ple on the HDC list “can­not af­ford to buy a house”. He said when eval­u­a­tions are done many times they can’t af­ford it be­cause of their ex­pens­es. “The gov­ern­ment will build hous­es for that group who will still be able to get ac­cess to a unit.”

On the sec­ond tranche of the Na­tion­al In­vest­ment Fund bonds which he an­nounced will take place next year, Im­bert said the as­sets will be dif­fer­ent to those in the first bond of­fer which com­prised Re­pub­lic Bank and An­gos­tu­ra Shares re­cov­ered from CLI­CO.

Im­bert said NIF part two “ob­vi­ous­ly has to be ad­di­tion­al as­sets ei­ther re­cov­ered from the CLI­CO group or State as­sets that are put in­to a sec­ond of­fer sep­a­rate and apart from the orig­i­nal NIF as­sets. They stand alone and they will se­cure the sec­ond wave of NIF bonds on their own, they have noth­ing to do with the orig­i­nal NIF of­fer.”

He said there is a “big as­set that is still there, some shares in a Methanol Com­pa­ny (MHTL), those shares will go in­to an­oth­er NIF of­fer­ing and the in­come stream from those shares will re­pay bonds in the sec­ond NIF.”


Im­bert said the first NIF bond of­fer had been over-sub­scribed and con­trary to what has been said it was not de­pen­dent on the Na­tion­al In­sur­ance Sys­tem.

He said $4 bn in bonds were of­fered, “we got of­fers of $7.3 bn.”

http://www.guardian.co.tt/news/imbert-u ... 04122d8f02

ravindrapolo
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NIF payout ??

Postby ravindrapolo » February 14th, 2019, 6:29 pm

Has anyone recieved there NIF payout

neilsingh100
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Re: NIF payout ??

Postby neilsingh100 » February 14th, 2019, 6:36 pm

Yes, coupon/interest payments were deposited via ACH into my bank account on the 8th Feb.

ravindrapolo
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Re: NIF payout ??

Postby ravindrapolo » February 15th, 2019, 6:18 pm

havent recieve any payments am with republic

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National Investment Fund NIF

Postby triniringo » May 12th, 2019, 12:02 am

Is the 2019 Housing bonds and NIF2 the same

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Re: National Investment Fund NIF

Postby francis1979 » May 12th, 2019, 1:07 am

Different

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Re: National Investment Fund NIF

Postby Driven » May 12th, 2019, 11:10 am

Bonds will be issued in multiples of $5000 (NIF was $1000).
The bonds will have a life of five years and will earn interest at the rate of 4.5 percent per year (similiar to the NIF's 5 years @ 4.5%).
NIF was tax-free, there was no mention yet of the housing bond being tax-free.
The housing bonds can be used as collateral towards purchase of a HDC home.
“A person can purchase $50,000 in bonds or $1000 in bonds, depending on what their means are and if they qualify and get access to HDC housing, they will be able to redeem or cash in these bonds as a reduction in the purchase price.

Let’s say you have housing bonds totalling $100,000 and you are purchasing an HDC house for $500,000 you would present your bonds of $100,000 and your liability in terms of the payment of the balance of $400,000.”
Source:http://www.looptt.com/content/housing-bonds-assist-citizens-purchasing-hdc-homes

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sMASH
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Re: National Investment Fund NIF

Postby sMASH » May 12th, 2019, 2:26 pm

That way, the govt avoids having to pay out 4.5 per year. And u were able to use ur investment befire the time..

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Re: National Investment Fund NIF

Postby Rockram » May 12th, 2019, 9:18 pm

triniringo wrote:Is the 2019 Housing bonds and NIF2 the same


Different..... I suspect they would postpone NIF2...unless their research suggests adequate appetite for both offerings in 2019

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Re: National Investment Fund NIF

Postby redmanjp » May 14th, 2019, 9:36 am

how do you buy the housing bonds?

triniringo
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Re: National Investment Fund NIF

Postby triniringo » May 14th, 2019, 1:02 pm

redmanjp wrote:how do you buy the housing bonds?
Through a stockbroker

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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby The_Honourable » March 4th, 2020, 11:20 am

On the Guardian today

Image

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sMASH
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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby sMASH » March 4th, 2020, 11:26 am

how much of that is due to borrowing? and i guess NIS will be better off now, seeing as they bought a big chunk of NIF.

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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby dogg » May 5th, 2020, 9:54 am

So if Republic bank and other investee companies decide like others to withhold full or all dividends due to covid, will govt have to borrow money to pay interest to bondholders??

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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby MDtuner70 » May 5th, 2020, 10:45 am

dogg wrote:So if Republic bank and other investee companies decide like others to withhold full or all dividends due to covid, will govt have to borrow money to pay interest to bondholders??



Good question, imagine one of the safest financial instruments could be one the most volatile as it's a staple for the investor market. The landslide effect can be worrying, hitting hard even further interest rates, mortgage payments etc

They may have to buy back some bonds for eg from retail banks: Quantitave easing, which will put some more money back into the system for circulation, but this means they will either have to create more money or maybe use from HF... *shrug shoulders ...just my 2 cents

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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby Redman » May 5th, 2020, 1:11 pm

Based on the offering doc- the the bonds are fixed rate.
Therefore the Interest is a fixed dollar value of 224M per annum.
The 2017 Div INcome on the NIF holdings was 369M

With that in mind the Dividend flows up to this time would have been allocated to Expenses, the Sinking Fund and to Interest Payments on the bond.


So IMHO- The Interest payments are now supported by

1) The $ Value of the Dividends being 150% of the INTEREST Payments-so the companies can reduce their dividends by about 30% and still cover the Interest.
2) The Sinking Fund- This is for Principle repayment- so call a chunk of the 5 year tranche, or redirect to Interest payment-although this would materially change the credit rating of the instrument.

3)GORTT can agree to make up the shortfall on an annual basis.

Looking at the whole pic I think they would be able to use their ownership to maintain the dividends quantity in order to meet the minimum Interest payments.....RBL and TGU make up 75% of the NIF-but I guess more than that in dividend flow.

Coupons have first call on the Dividends....so it means that if there is anything to be reduced -it is the Principal Sinking Fund.


http://nif-tt.com/wp-content/uploads/20 ... on-web.pdf

Screen Shot 2020-05-05 at 12.55.40 PM.png

MDtuner70
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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby MDtuner70 » May 6th, 2020, 9:48 pm

Redman wrote:Based on the offering doc- the the bonds are fixed rate.
Therefore the Interest is a fixed dollar value of 224M per annum.
The 2017 Div INcome on the NIF holdings was 369M

With that in mind the Dividend flows up to this time would have been allocated to Expenses, the Sinking Fund and to Interest Payments on the bond.


So IMHO- The Interest payments are now supported by

1) The $ Value of the Dividends being 150% of the INTEREST Payments-so the companies can reduce their dividends by about 30% and still cover the Interest.
2) The Sinking Fund- This is for Principle repayment- so call a chunk of the 5 year tranche, or redirect to Interest payment-although this would materially change the credit rating of the instrument.

3)GORTT can agree to make up the shortfall on an annual basis.

Looking at the whole pic I think they would be able to use their ownership to maintain the dividends quantity in order to meet the minimum Interest payments.....RBL and TGU make up 75% of the NIF-but I guess more than that in dividend flow.

Coupons have first call on the Dividends....so it means that if there is anything to be reduced -it is the Principal Sinking Fund.


http://nif-tt.com/wp-content/uploads/20 ... on-web.pdf

Screen Shot 2020-05-05 at 12.55.40 PM.png


Mans on point!

What's your educational background and the industry you in Redman ? If you don't mind me asking...

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dogg
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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby dogg » May 7th, 2020, 6:58 am

So RFHL cut their dividends by half...

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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby neilsingh100 » May 7th, 2020, 7:53 am

Fund needs 112.2 million to make next coupon payment in August 2020. Based on year end audited financials (31st March 2020) fund has 97.339 million in cash plus the 42,475,362 RBL shares x .60c dividend = 25.485 million for a total of 122.284 million so there would be enough cash to pay the next coupon.

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dogg
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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby dogg » May 12th, 2020, 12:54 pm

Well now WITCO is also not paying an interim dividend

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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby pugboy » May 12th, 2020, 1:13 pm

boy pressuh

I does look forward to dat
its is big contributor to NIF hence why rowlee give them go ahead

dogg wrote:Well now WITCO is also not paying an interim dividend

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Re: The "gift of the NIF" Another IPO. (correction - BOND offering)

Postby Bimmerhead » January 30th, 2023, 4:06 pm

So folks,

The 5 year NIF bond at 4.5% will be maturing August 09, 2023. Anyone stuck it through?

The conversation surrounding this back in 2018 was interesting to say the least. Cheers to tuner

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shaneelal
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Re: The "gift of the NIF" Bond offering

Postby shaneelal » March 7th, 2024, 7:41 pm


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