The Government of Trinidad and Tobago has closed out a US$800 million sovereign bond sale in the United States market, drawing demand that oversubscribed the offering by roughly 400 percent, the strongest reception the country has had for a bond issue since it first went to the benchmark market in 2013.

The Notes, issued on July 9, priced with a coupon of 6.20 percent and came in with a negative new issue concession, meaning investors did not need any extra pricing sweetener to buy in. The Ministry of Finance says the result reflects the depth of investor appetite and confidence in the country’s credit standing, and has effectively repriced Trinidad and Tobago’s yield curve.

The deal followed a two-day roadshow led by Minister of Finance Davendranath Tancoo, Minister of Energy and Energy Affairs Roodal Moonilal, and Central Bank Governor Larry Howai, who presented the country’s credit story to prospective buyers. More than 150 investors from the United States, United Kingdom, Europe and the Caribbean took part, with strong participation from local institutional investors as well, a turnout the Ministry says broadens the country’s international investor base and supports market liquidity going forward.