The Na­tion­al In­vest­ment Fund Hold­ing Com­pa­ny Lim­it­ed has been list­ed on the Trinidad & To­ba­go Stock Ex­change.

The NIF bond, which the Gov­ern­ment re­port­ed had raised $4 bil­lion, was over­sub­scribed af­ter it was of­fered to pub­lic in Ju­ly. Fol­low­ing to­day's cer­e­mo­ny it was placed on the stock bond mar­ket of the TTSE.

This list­ing al­lows the op­por­tu­ni­ty for those who failed get their hands on the NIF bonds dur­ing the pub­lic of­fer­ing a sec­ond chance to ob­tain them.

How­ev­er, this will de­pend on the will­ing­ness of the cur­rent own­ers of the bonds to sell them so ear­ly on.

"Over­sub­scrip­tion means there was a sur­plus of de­mand. If you have a sur­plus of de­mand and there are per­sons who have got­ten ac­cess to the bond and they are pre­pared to sell then you would have the po­ten­tial for trades to take place. That is es­sen­tial­ly the dy­nam­ic we are look­ing for­ward to," Deputy Chair­man of the T&T Stock Ex­change said dur­ing the cer­e­mo­ny at Nicholas Tow­ers, Port-of-Spain.

Nar­ine ad­mit­ted that they had seen in­stances pre­vi­ous­ly where bond own­ers were un­will­ing to sell, leav­ing the mar­ket stag­nant. How­ev­er, he said he be­lieved the vary­ing tiers of the NIF Bond may en­cour­age ac­tiv­i­ty.

The NIF Bond, which in­cludes stocks in Re­pub­lic Fi­nan­cial Hold­ings Lim­it­ed, One Caribbean Me­dia Lim­it­ed, West In­di­an To­bac­co Com­pa­ny Lim­it­ed, An­gos­tu­ra Hold­ings Lim­it­ed and Trinidad Gen­er­a­tion Un­lim­it­ed, were ini­tial­ly of­fered as five-year, 12-year and 20-year pack­ages.

"For the NIF bond there are dif­fer­ent tranch­es. We have five, we have 12, we have 20. There may be some­one in the five that may want to mi­grate to the 12. That may pro­vide some­one want­i­ng to sell,” Nar­ine said.

“There is a dy­nam­ic at play that is unique that we did not have be­fore. One is the over­sub­scrip­tion, two is the size, three is the dif­fer­ent tenors. With­in those three pa­ra­me­ters there is quite the op­por­tu­ni­ty for sec­ondary mar­ket trad­ing."

The NIF bonds pay 4.5% per year over five years, 5.7% per year over 12 years and 6.6% per year over 20 years.

The list­ing went live at 9.30 am to­day and the price of the stock bond will be de­ter­mined by mar­ket ac­tiv­i­ty.