March 09, 2011

Taxpayers to be shackled with a SECOND international debt

Congratulations Fiji.

Thanks to the illegal and treasonous military regime, through your silence you have endorsed the transfer of a SECOND whopping US$250mill debt to your future generations, that they will pay through the nose for.

Fiji already has an outstanding bond of US$150mill to service, which according to all indications, point to the illegal and treasonous military regime's inability to make good on.

Taxpayers can also thank the regime's stooge of a central bank for massaging the data to validate an economy that is thriving when it is clearly not. And this false optimism by the RBF comes hot on the heels of a recent inflation hike in their revised projections!

Fiji can also thank the ANZ Bank for making this possible (and making a tidy sum in the process no doubt).

The "robbing Peter to pay Paul" approach is simply an obtuse way to plug the gaping holes in the national treasury.

What remains to be communicated to taxpayers is which countries or companies we are now beholden to through this debt, and what they have been promised as collateral.
Fiji raises US$250M global bond
Wednesday, March 09, 2011

The Fiji Government has today priced a record breaking US$250M or FJ$500M international bond.

The 5 year at 9% international bond transaction was arranged via sole lead-manager and book runner ANZ.

Attorney General – Aiyaz Sayed-Khaiyum says Fiji's international investor profile was significantly broadened following a week long international roadshow across Hong Kong, Singapore and London in February.

He says the roadshow brought government officials in front of over 85 international fixed income investors via 1-on-1 meetings, group luncheons and an on-line investor presentation.

The bond announcement was made by the Attorney General today.

“The government today prized a record breaking US$250m (Fijian $500m) five year and nine per-cent international bond transacted by ANZ. This is the second Global Bond issue by the Fiji Government; the first international bond was raised in September 2006 with the sum of US$150m which will mature in September this year.”

The transaction was launched in Asia yesterday morning and was fully subscribed by midday with the orderbook closing almost 3 times oversubscribed within 12 hours of launch.

The final order book was substantially oversubscribed with over F$1.4 billion bids received and compromised of 43 investors from 6 countries.

Report by: Sekope Toduadua

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