NCB to Reveal Terms of International Capital Raise This Week

 

KINGSTON, Jamaica

NCB Financial Group (NCBFG) is set to release the full terms of its international capital raise this week, following a disclosure notice to the Trinidad and Tobago Stock Exchange. The capital raise, first announced in June, involves a proposed offering of senior notes on the international securities market and is expected to move to the pricing phase shortly after the memorandum is shared.

The company, which owns National Commercial Bank Jamaica, Guardian Holdings, and Clarien Bank, says it will update investors with a preliminary offering memorandum during the week of July 21, 2025. This type of document is used specifically for private placement offerings, in contrast to a public prospectus, typically used for wider market raises.

Terms Still Dependent on Market Conditions

NCB cautions that the final pricing and successful close of the transaction remain contingent on market conditions. However, executives are optimistic that the offering will meet strong demand, particularly among institutional investors.

The notes will be available only in the United States to qualified institutional buyers (QIBs) under Rule 144A of the U.S. Securities Act, or to non-U.S. persons in offshore transactions. That means this raise is squarely aimed at large-scale professional investors, not the general public.

Ratings Secured — But No Guarantees

To bolster investor confidence, NCB has secured credit ratings from Standard & Poor’s and Fitch Ratings for the senior notes. Still, the company has reminded potential buyers that ratings are not investment advice and can be revised or withdrawn at any time.

Part of a Broader Capital Strategy

This latest international raise comes just over a year after NCB’s additional public offering (APO) on the Jamaica Stock Exchange, which brought in J$2.5 billion—just half of the intended target.

Despite that shortfall, NCBFG previously reassured investors that its core subsidiaries—including National Commercial Bank, Guardian Insurance, and Clarien Bank—are collectively contributing 30–40% of earnings to the holding company. The company stated in a June 2024 JSE filing that any remaining capital shortfall would be recovered through retained earnings within 4–6 months and would not disrupt the group's growth plans.

Our Opinion
NCB's move to raise capital on international markets reflects its ambition to solidify its regional dominance while building resilience for future expansion. Although the bond raise follows a lukewarm APO last year, the focus on institutional buyers signals a more targeted and potentially more efficient strategy. All eyes are now on the pricing and investor appetite as market conditions remain fluid.

Stay tuned to Mykro Wave TV JM for updates when the offering memorandum drops. We’ll bring you the terms, pricing details, and what it all means for NCB's future.