The Government of Trinidad and Tobago has successfully raised US$1.0 billion through a sovereign bond issued on the United States market, with the offering oversubscribed by approximately 2.5 times, signalling strong international investor confidence in the country’s credit profile.
The bond was issued on January 22, 2026, and represents the largest bond transaction undertaken by Trinidad and Tobago in the past 10 years, according to the Ministry of Finance. Proceeds from the transaction fully address the Republic’s US$1 billion external bond maturity due in August 2026 and materially extend the average life of the country’s external debt from 4.1 years to 6.3 years.
Commenting on the transaction, Minister of Finance Davendranath Tancoo said the outcome validates the country’s economic fundamentals and policy direction under the new administration.
“The successful issuance represents a clear validation of the sovereign’s credit fundamentals and the new disciplined policy framework,” Tancoo said. He added that achieving pricing tighter than benchmarks, while attracting an order book more than double the final issue size, reflects sustained investor confidence and an improved risk perception of Trinidad and Tobago.
The 10-year senior unsecured notes, due in 2036, were priced with a 20 basis-point compression from initial price talks and approximately 54.6 basis points tighter than the Republic’s original US$1 billion issuance in 2016. The bond carries a 6.500 per cent coupon and was priced at 98.552 per cent. The notes will be listed on the Luxembourg Stock Exchange and governed by New York law.
The transaction followed a three-day investor roadshow announced by the Ministry of Finance on January 16, involving both in-person and virtual meetings with key international fixed-income investors. The delegation, led by Minister Tancoo and Central Bank Governor Larry Howai, met with more than 50 investors to provide updates on the country’s sovereign credit and the rationale for the bond issue.
At the opening of business in New York on January 22, strong indications of interest from the roadshow prompted joint bookrunners to recommend proceeding with the benchmark transaction. The order book grew rapidly throughout the morning, driven largely by real-money accounts, and exceeded US$2.4 billion with more than 140 orders by midday.
Key highlights of the transaction include the largest investor order book for Trinidad and Tobago in the last five years, increased participation from a broader and more diverse investor base, and the successful repositioning of the country’s credit despite two negative rating outlooks. The number of investors rose to 144 in 2026, compared with 93 in 2024.
The Ministry of Finance said the transaction meaningfully enhances Trinidad and Tobago’s sovereign funding profile and supports continued engagement with global investors on increasingly favourable terms.
