ACERO Capital Inc. served as Financial Advisor to the Republic of Trinidad and Tobago on its highly successful USD 1.0 billion sovereign bond offering in the U.S. market, completed on January 22, 2026. The 10-year senior unsecured notes, which carry a 6.50% coupon and mature in January 2036, were oversubscribed by approximately 2.5 times, reflecting strong and diversified investor confidence in the sovereign credit.

The transaction marks a significant milestone for Trinidad and Tobago, representing the country’s largest bond issuance in the past decade. With an orderbook reaching USD 2.4 billion from 144 unique investors, the offering demonstrated robust market appetite despite negative rating outlooks from both S&P (BBB- negative) and Moody’s (Ba2 negative). The bonds were jointly managed by BofA Securities and J.P. Morgan, with pricing achieved 20 basis points tighter than initial price talks and approximately 54.6 basis points tighter than the sovereign’s original 2016 issuance.

Minister of Finance, The Honourable Davendranath Tancoo, emphasized that the successful issuance validates the sovereign’s credit fundamentals and new disciplined policy framework. The transaction strategically addresses the August 2026 external bond maturity of USD 1 billion while materially extending the Republic’s external debt maturity profile from an average life of 4.1 years to 6.3 years. The net proceeds will be used for a tender offer on the 4.500% USD Notes due 2026 and for general budgetary purposes.