The Unit Trust Corporation (UTC) has extended the initial public offering (IPO) for its Calypso Macro Index Fund to facilitate demand among individual and institutional investors.
The offering's closing date has been extended from November 6 to December 4 to give investors more time to subscribe and brokers managing the offering adequate time to process orders.The December 4 closing date is significant as it marks the culmination of the UTC's 33rd anniversary week celebrations.
The Calypso Fund is the Caribbean's first exchange-traded macro index fund and the first UTC fund to be listed on the T&T Stock Exchange.
"The UTC's core objective has always been to enable unit holders' participation in the long-term productive assets of this country, and we are aware that those assets are represented by the shares in companies across all sectors of this economy," said Sekou Mark, vice president, Investment Research & Portfolio Management at the UTC.
"Consistent with our culture of innovation, the Calypso Macro Index Fund is yet another initiative undertaken by the UTC to fill a void in the investing landscape and increase value for our unit holders."
The Fund is a "closed-end fund," with an initial value of $500M, where 20 million units will be sold at a price of $25 per unit. Once subscribed, unit holders can buy from or sell to other investors directly through the stock exchange for up to ten years.Each unit will comprise 16 top, locally-listed companies as well as close to 100 energy companies from across the globe.