Mourant Ozannes acts for joint lead managers on States of Jersey debut bond issue

Mourant Ozannes has acted as Jersey counsel to Barclays Bank, HSBC Bank and Royal Bank of Scotland as joint lead managers of the States of Jersey’s debut £250m bond issue. 

The bonds were successfully priced on 2 June 2014 with a final maturity of June 2054 and a coupon of 3.75 per cent and will be issued on 9 June 2014.

The bonds will be rated AA by Standard & Poor’s Credit Market Services Europe and are expected to be admitted to the Official List of the Channel Islands Securities Exchange Authority. 

The net proceeds of the issue will be applied by the states to the Housing Development Fund to fund investment programmes in Jersey’s social housing. The issue of the bonds for housing purposes was approved by the states in early December 2013 as part of the Draft Budget Statement 2014.    

The Mourant Ozannes team comprised partner Simon Felton and counsel Ian O’Meara, who worked alongside the joint lead managers’ English adviser, Allen & Overy. Carey Olsen was appointed as Jersey counsel to the states, working with Clifford Chance as English legal adviser to the states.