Trinidad and Tobago raises US$1bn bond, 2.5 times oversubscribed

The country's largest bond in a decade drew more than US$2.4 billion in demand, pricing tighter than its 2016 issue despite negative ratings outlooks.

The 10-year bond, issued on 30 January 2026 with a 6.5% coupon, drew orders from 144 investors and was arranged by JP Morgan and Bank of America. It priced about 55 basis points tighter than the country's 2016 deal.

Proceeds refinance a US$1 billion 2016 bond maturing in August 2026 and fund general budget needs. Strong demand for Port of Spain paper, against a cautious ratings backdrop, signals investor appetite for the region's larger energy economies.