Jersey has listed a new £500 million government bond on The International Stock Exchange (TISE).

The States of Jersey has issued GBP500,000,000 2.875 per cent. Notes due 6 May 2052 which has been listed on TISE’s Qualified Investor Bond Market (QIBM).

The proceeds of the bond issuance will be used to refinance past service pension liabilities and for general government purposes.

Kay McCarthy, Head of the Jersey Office of TISE, said: “I am delighted that the States of Jersey has chosen to list this bond on TISE. It is a significant endorsement of our critical role within the local financial services infrastructure that the States of Jersey has once again chosen to use our listing venue, along with supporting professional services providers, to assist with its financing requirements. We are extremely pleased to be able to facilitate this transaction which is aimed at benefiting the people of Jersey.”

The States of Jersey already has an existing bond, GBP250,000,000 3.75 per cent. notes due 2054, listed on TISE. It was admitted to the Official List of TISE in June 2014.

Anthony Byrne, Head of Bond Markets at TISE, said: “I’m very pleased to welcome this latest Jersey sovereign bond issuance to listing on our Qualified Investor Bond Market (QIBM). This transaction follows a very strong start to the year for new listings on TISE and in doing so, it demonstrates the attractiveness of QIBM for a wide range of bond products which are being brought to our market from a variety of issuers and their advisers internationally.”

The Listing Agent for the admission to TISE is Carey Olsen Corporate Finance Limited.

The bond issuance has been advised on by the States of Jersey’s appointed debt advisors, EY. The joint Lead Managers are HSBC Bank plc, Barclays Bank plc, Lloyds Bank plc, and Royal Bank of Canada, London. The States of Jersey’s UK Legal Advisor is Allen & Overy LLP and Carey Olsen Jersey LLP acted as Jersey legal counsel.