Government exempts proposed US$800m bond issue from taxes, exchange control

The Government has exempted payments on a proposed US$800 million international bond issue from all taxes and exchange control under a new legal order published on Tuesday.

Legal Notice No. 541, signed by Finance Minister Davendranath Tancoo on July 13, exempts the payment of principal, interest and other debt charges on the proposed Notes, which the Government intends to issue on the international capital market under the External Loans Act.

The legal notice states that the Government plans to raise up to US$800 million to finance general development in Trinidad and Tobago or to repay existing borrowings.

It also confirms that J.P. Morgan Securities LLC and Citigroup Global Markets Inc. have been appointed as joint lead managers and arrangers for the bond issue.

According to the order, the Notes will be offered only to Qualified Institutional Buyers in the United States under Rule 144A of the US Securities Act and to investors outside the United States under Regulation S of that Act.

The order also revokes the External Loans (Tax and Exchange Control Exemption) (No. 2) Order, 2026.

The exemption took effect from July 13.