Bond Issuance: Raise up £250 millon for housing purposes: Approval of timetable

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A decision made 11 March 2014:

Decision Reference: MD-TR-2014-0017
Decision Summary Title:	Approval of Bond Issuance Timetable		Date of Decision Summary:	10 March 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:	Approval of Bond Issuance Timetable		Date of Written Report:	10 March 2014
Written Report Author:	Head of Shareholder Relations		Written Report : Public or Exempt?	Public
Subject: Approval of the planned timetable 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 timetable for the forthcoming Bond Issuance by the States of Jersey. The intention is to commence the Investor Roadshows in Jersey, London and Edinburgh in the week of 26th May 2014. By this date, the 2013 Financial Report and Accounts will have been signed and the Standard and Poor’s will have published their half yearly outlook for the States of Jersey’s rating, in order to provide prospective investors with up to date information.
Reason(s) for Decision: On 22 November 2013 the Minister communicated the high level credit rating Standard and Poor (S&P) awarded to Jersey for a long term issuer of AA+. This strong credit rating will support the forthcoming bond issuance. 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 24 February 2014 the Minister announced for the appointment of 3 book runners and two legal advisers (MD-TR-2014-0013). The Minister wishes to communicate the decision on the timing for the future Investor roadshow for the States of Jersey’s debut bond issuance, ensuring key decisions in relation to key milestones are communicated in an open and transparent manner.
Resource Implications: None.
Action required: None.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: