Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

  • Choose the service you want to log in to:

  • gov.je

    Update your notification preferences

  • one.gov.je

    Access government services

  • CAESAR

    Clear goods through customs or claim relief

  • Talentlink

    View or update your States of Jersey job application

States of Jersey 2014 Bond Issuance: Appointment of 3 Lead Managers and Legal Advisers

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 24 February 2014:

Decision Reference:  MD-TR-2014-0013

Decision Summary Title:

Appointment of joint lead managers and legal advisers for the States of Jersey 2014 Bond Issuance

Date of Decision Summary:

24 February 2014

Decision Summary Author:

Head of Shareholder Relations

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title:

Appointment of joint lead managers and legal advisers for the States of Jersey 2014 Bond Issuance

Date of Written Report:

24 February 2014

Written Report Author:

Head of Shareholder Relations

Written Report :

Public or Exempt?

Public

Subject:  

Appointment of three joint lead managers and legal advisers for the forthcoming States of Jersey’s Bond Issuance to raise up to a maximum of £250 million for Housing purposes.

Decision(s):  

The Minister decided to approve the following appointments for the forthcoming Bond Issuance by the States of Jersey:-

 

Barclays Bank Plc, London; HSBC Bank Plc , London and The Royal Bank of Scotland Group Plc, London to be appointed as Joint Lead Managers (Book Runners). HSBC will also act as the Principal Paying Agent and Trustee.

 

Clifford Chance LLP and Carey Olsen to be appointed as legal advisers.

Reason(s) for Decision:

On 5 December 2013 the States approved the 2014 Budget (P.122/2013), which included the approval to borrow up to a maximum of £250 million for Housing purposes. The budget included details of the key roles required in order to carry out a public rated bond issuance.

 

On 22 November 2013 the Minister communicated the high level credit rating Standard and Poor’s (S&P) awarded to Jersey for a long term issuer of AA+. This strong credit rating will support the forthcoming bond issuance.

 

In accordance with Financial Direction 5.1 two separate open tenders and interview processes were carried out during January and February 2014 to appoint the joint lead managers and legal advisers.

 

It is recommended that three joint lead managers be appointed in order to ensure that once the bond has been issued that there is strong secondary market liquidity. Bonds that are liquid and regularly traded are sought after and tend to attract tighter pricing, coupled with the fact it makes it easier for holders to sell these instruments in the secondary market.

 

Resource Implications:

All resource and financial implications as documented in the 2014 Budget.

Action required:  

The Director of Procurement to arrange the preparation and signing of appropriate contracts.  

Signature:

 

 

 

 

Position: Senator P F C Ozouf, Minister for Treasury and Resources

 

 

Date Signed:

Date of Decision:

 

Back to top
rating button