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The Series B bond is a 15-year bond which is issued in 11 strips. The first strip matures 5 years after issue following which a strip matures every year thereafter.

The terms and conditions are as follows:

 

GOVERNMENT OF BARBADOS SERIES B BOND

Terms and Conditions Issuer:

Government of Barbados

Deemed date of allotment:

1 July 2019

Structure:

11 Series B amortising strips issued with maturities of 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, and 15 years

Interest:

Interest shall be calculated on the basis of the actual number of days elapsed and a 365-day year

Interest rate:

1.0% per annum for first 3 years, 2.5% per annum for year 4, 3.75% to maturity

Interest payment:

Quarterly, with first payment 3 months after issue

Principal repayment:

The principal of each strip will be repaid in four equal quarterly instalments commencing one year prior to the maturity date of that strip

Allocation of principal:

5-Year: 7.49%

6-Year: 7.78%

7-Year: 8.07%

8-Year: 8.38%

9-Year: 8.70%

10-Year: 9.03%

11-Year: 9.37%

12-Year: 9.72%

13-Year: 10.10%

14-Year: 10.48%

15-Year: 10.88%

Natural disaster clause:

Yes

 

An illustration of the timing of interest and principal payments follows:

Year

Interest Rate

Principal Repayments

1

1.0%

$0

2

1.0%

$0

3

1.0%

$0

4

2.5%

$0

5

3.75%

Strip 1 - 7.49% of principal

6

3.75%

Strip 2 - 7.78% of principal

7

3.75%

Strip 3 – 8.07% of principal

8

3.75%

Strip 4 – 8.38% of principal

9

3.75%

Strip 5 – 8.70% of principal

10

3.75%

Strip 6 – 9.03% of principal

11

3.75%

Strip 7 – 9.37% of principal

12

3.75%

Strip 8 – 9.72% of principal

13

3.75%

Strip 9 – 10.10% of principal

14

3.75%

Strip 10 – 10.48% of principal

15

3.75%

Strip 11 – 10.88% of principal

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