CEIBA Investments has become the first Cuba-focused investment trust to list convertible bonds on The International Stock Exchange (TISE).
CEIBA is a Guernsey-registered closed-ended investment scheme with a primary focus on Cuban real estate assets. The company has issued €25m 10% senior unsecured convertible bonds due 2026, which have been listed on TISE.
The proceeds of the issue will finance the completion of tourism-related and commercial property projects in Cuba.
Carey Olsen acted as Guernsey legal adviser and TISE listing sponsor for the issue. JTC in Guernsey has provided administration services to CEIBA, and its investment manager is Aberdeen Asset Investments.
The bonds admitted to TISE’s Official List are convertible into the ordinary shares of CEIBA, which are listed on the Specialist Fund Segment of the London Stock Exchange.
CEIBA is mandated to invest in and manage a portfolio of Cuban real estate assets, with a focus on tourism-related and commercial property sectors. The Cuban real estate assets also include infrastructure, industrial, retail, logistics, residential and mixed-use assets.