Five-year Bond for the Property Management Corporation to be issued end of January 2020
January 21, 2020
Friday 17th January 2020: The Finance Department announces the issuance of a five-year Bond for the Property Management Corporation (PMC), which is being guaranteed by the Government of Seychelles. The Bond is to be issued on 27th January 2020, and is worth SCR 200 million. It will earn a fixed interest rate of 5% per annum.
For the first 30 days, applications will only be accepted from adult individuals, who will be able to apply singly or jointly. After the 30-day period, any unsubscribed amount will be offered to commercial banks, corporate bodies, institutions, clubs, societies and other organisations. The issuance of the Bond is applicable to both residents and non-residents, in all cases.
The issuance and management of the PMC Bond will be done by the Central Bank of Seychelles (CBS). The Bond will be available in multiples of SCR1000, with a minimum value of SCR1000. Interests will be paid half-yearly on May 20th and November 20th, and calculated on a 365-day year.
The prospectus will soon be published in the daily newspapers. Copies of the prospectus and application forms will also be available at the Financial Markets Division (FMD) of the CBS and on the CBS website (www.cbs.sc).
The 5% PMC Bond is being issued in line with the pronouncement made in the 2020 National Budget speech, to finance various housing and re-roofing projects under the PMC and the purchase of the Ile Perseverance housing project from the Seychelles Pension Fund.
The repayment of the Bond will be through the Government’s budget.