Republic Bank Limited
110
For the year ended September 30, 2015. Expressed in thousands of Trinidad and Tobago dollars ($’000) except where otherwise stated
Notes to theConsolidatedFinancial Statements
4
Financial
14 DEBT SECURITIES IN ISSUE
2015
2014
Unsecured
a)
Fixed rate bonds
814,583
799,260
b)
Floating rate bonds
122,959
–
937,542
799,260
Secured
a)
Floating rate bonds
241,239
250,582
b)
Fixed rate bonds
13,334
16,852
c)
Mortgage pass-through certificates
837
108
255,410
267,542
Total debt securities in issue
1,192,952
1,066,802
Unsecured obligations
a)
Fixed rate bonds are denominated in Trinidad and Tobago dollars and includes an unsubordinated bond issued by the Parent
Company, Republic Bank Limited in 2008 for a term of ten years at a fixed rate of interest of 8.55%.
b)
Floating rate bonds are denominated in Ghanian cedis and includes three bonds issued by HFC Bank (Ghana) Limited at floating
rates of interest linked to the Ghanian Treasury Bill rate. Interest on these bonds is paid semi-annually.
Secured obligations
a)
For Republic Bank Limited, the floating rate bonds are denominated in Trinidad and Tobago dollars and are unconditional secured
obligations of the Bank. The Bank has pledged a portfolio of liquid debt securities issued or guaranteed by the Government of
Trinidad and Tobago, together with high-grade corporate bonds and debentures, in an aggregate amount equal to the bonds
issued as collateral security for the bondholders. Other floating rate bonds are also denominated in Trinidad and Tobago dollars
and are secured by property and equipment under investments in leased assets.
b)
Fixed rate bonds for one of the subsidiaries are denominated in Trinidad and Tobago dollars and are secured by property and
equipment under investments in leased assets.
c)
Mortgage pass-through certificates are secured on a portfolio of mortgage loans, net of the related loan loss provisions to the
extent that the Bank has recourse to the note holders.
