Express Business Filler #1

This week, we at Bourse review both the local and select international fixed income market performance thus far for 2019. The local market remained subdued despite the promise of new offerings for investors, while the international bond investors have experienced positive returns for 2019. We take a closer look at the main drivers and the impact for the investors.

Local Fixed Income Market The Government of the Republic of Trinidad and Tobago (GORTT) Treasury Yield Curve remained fairly stable year-to-date (YTD), with short-term yields marginally higher while longer-term yields have trended down. The yield on one-year GORTT bonds increased to 2.90 per cent in August 2019 from 2.75 per cent in December 2018. Conversely, the 30-year GORTT yield fell over the same period to 6.18 per cent in August 2019 from 6.31 per cent in December 2018. Investors continue to bemoan the lack of new public bond issues coming to market, while secondary trading activity has also been subdued.

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AHEAD of Bernard Mitchell’s three-year contract as the chief executive of National Petroleum Marketing Company Ltd (NP) coming to an end, some 488 employees have put their signatures to a letter to Energy Minister Franklin Khan asking that his contract be renewed.

FINANCE Minister Colm Imbert says T&T has received a “favourable” rating from the US credit rating agency Fitch Ratings.

Increases in food prices have been minimal under the People’s National Movement (PNM), with prices going down for certain items in contrast to the large increases under the Kamla Persad-Bissessar administration.

SAGICOR Financial Corporation is paying nothing to CLICO and British American Trinidad to acquire their tradition insurance portfolios, worth over $8 billion, as the regional insurance company is acquiring insurance liabilities that have a greater value that the total investment assets that are to be transferred to Sagicor.

CLICO has not made a current, formal offer to sell its Methanol Holdings International Ltd (MHIL) shares to the methanol producer’s minority shareholder, Consolidated Energy Ltd.