Economy

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Demand for Cabo Verde Fast Ferry bonds exceeds supply 29 Julho 2009

The demand for Cabo Verde Fast Ferry future bonds was slightly greater than the supply, according to Cape Verde Stock Exchange president Veríssimo Pinto, who spoke to A Semana Online. “Cape Verde and the island of Brava should be proud that a serious development problem has been resolved with this operation,” said the Cape Verde Stock Exchange president.

Demand for Cabo Verde Fast Ferry bonds exceeds supply

Veríssimo Pinto said that with the underwriting of the 1,500,000 Cabo Verde Fast Ferry future bonds, financing for the construction of the two high-speed vessels that beginning in 2010 will transport passengers and cargo among the islands is now guaranteed. “The demand was 1.000194 times greater than the volume of bonds available. The total demand was for 1,500,291 for 1,500,000 bonds,” explained the president of the Cape Verde Stock Exchange. A total of 1,500,000,000 escudos were raised with the operation, in which each bond was sold at a nominal value of 1,000 escudos.

The Public Sale Offer saw the participation of émigrés, institutional investors and small-scale investors.

A large portion – 91.5% - of the bonds were acquired by resident Cape Verdeans. The remaining 18.5% were purchased by non-residents – numbers that, according to Pinto, makes this the most participatory operation so far in the Cape Verde Stock Exchange’s relatively short history.

The period during which the bonds could be acquired ran from May 25 to July 24, 2009. In recent days, however, the process was shrouded by controversy due to the announcement of another “rival” marine transportation project, as well as contradictory information published in a number of media outlets.

Pinto, however, believes that he has shown that the controversy was unfounded. Responding to those who criticized his involvement in the promotion of the Cabo Verde Fast Ferry project, Veríssimo Pinto says that he did so because he has always believed in the importance of the project for the development of Cape Verde. Pinto also confirmed the invitation extended to Praia-based passenger transportation company Moura Company to participate in the project, “because it is a Cape Verdean company and has every right to be in an operation of this importance.” He also stressed that similar invitations were extended to other investors.

The nominal interest rate applicable to each of the interest periods is 9%, with interest payments to be made in successive installments once every semester with the total amount of the loan to be paid back at the end of the bond validity period.

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