Leading offshore law firm Mourant Ozannes has acted as Jersey counsel to Barclays Bank PLC, HSBC Bank plc and The Royal Bank of Scotland plc as Joint Lead Managers of the States of Jersey’s debut £250m bond issue.
The bonds were successfully priced on Monday 2 June 2014 with a final maturity of June 2054 and a coupon of 3.75% and will be issued on 9 June 2014. The bonds will be rated AA+ by Standard & Poor’s Credit Market Services Europe Limited and are expected to be admitted to the Official List of the Channel Islands Securities Exchange Authority Limited.
The net proceeds of the issue will be applied by the States to the Housing Development Fund, to fund investment programmes in Jersey’s social housing. The issue of the bonds for housing purposes was approved by the States in early December 2013, as part of the Draft Budget Statement 2014.
The Mourant Ozannes team comprised partner Simon Felton and counsel Ian O’Meara, who worked alongside the Joint Lead Managers’ English advisers, Allen & Overy. Carey Olsen were appointed as Jersey counsel to the States, working with Clifford Chance as English legal advisers to the States.
Commenting on the transaction Simon Felton said, “We are delighted to have been involved with this transaction as Jersey advisers to the Joint Lead Managers, working with the States team and their advisers and we congratulate the States on this successful debut bond issue.”
