Jamaica-based leading securities dealer Mayberry Investments Limited (MIL) has announced a new secured bond issuance, seeking to raise between $2 billion and $3 billion from global and local investors to refinance a recently matured debt obligation and advance its ongoing corporate transformation strategy.
On March 19, MIL fully redeemed its outstanding Tranche II bond, which carried a 10.75% interest rate and had a total face value of $2.06 billion. To replace this matured debt, the firm is launching a new 18-month bond tranche priced at a lower 10.50% interest rate, with an initial issuance target matching the size of the redeemed bond. In a positive sign of market accessibility, MIL chairman Gary Peart noted in the offering prospectus that the new issuance fills a gap in the market for small investors seeking stable, competitive fixed-income returns for their savings.
To accommodate strong investor demand, MIL reserves the right to upsize the offering to a maximum of $3 billion. The new bond is backed by a fixed charge over MIL’s secured loan book pool, which is valued at $12.5 billion, underpinned by underlying assets worth $29.58 billion. To protect investor interests, MIL has agreed to binding financial covenants: its debt-to-equity leverage ratio will not exceed 4x, and it will maintain a minimum current ratio of 1.2x.
Following the closure of the offering, MIL plans to apply to list the new tranche on the Jamaica Stock Exchange (JSE) Bond Market. Total transaction expenses are capped at $61.1 million, per the offering terms. This issuance marks the latest in a series of regular debt raisings by MIL and its sister subsidiary Mayberry Jamaican Equities Limited (MJE) on the JSE Bond Market, a trend that has continued annually since 2023. Currently, the two firms collectively have five listed securities worth $7.33 billion on the exchange. MIL previously redeemed its $1.98 billion Tranche IV bond in January 2025, while MJE faces $1.23 billion in combined bond maturities in August and October 2026. Both entities are core subsidiaries of the publicly traded Mayberry Group Limited.
As of the latest market data, the JSE Bond Market hosts 15 listed securities with a total face value of $19.01 billion, alongside three USD-denominated bonds worth $32 million on the JSE USD Bond Market. MIL most recently served as lead broker and arranger for Dolla Financial Services Limited’s $1.5 billion dual-tranche bond listing, which closed on March 31.
For the upcoming offering, the minimum subscription amount is set at $20,000, with additional increments available in multiples of $10,000 to accommodate different investor sizes. The offer opens for subscriptions on April 13 and is scheduled to close on May 11. Existing Mayberry clients can complete their subscriptions via the dedicated portal https://ipo.mayberryinv.com/mi-ipo, while new and non-client investors can apply through designated selling agent Sagicor Investments Jamaica Limited.
The bond issuance comes on the heels of a landmark financial turnaround for MIL in 2025, which saw the 40-year-old broker swing from a pre-tax loss of $380.06 million in the prior year to a pre-tax profit of $377.61 million, representing a net $757.67 million improvement in profitability. The strong performance stemmed from a combination of aggressive cost-cutting initiatives and robust growth in the company’s core business lines, under the leadership of CEO Patrick Bataille in his first full year at the helm.
Operating expenses fell 12% year-over-year, from $2.26 billion to $1.99 billion, a $275.63 million reduction. The largest single improvement came from a collapse in operational losses, which shrank from $255.49 million to just $1.87 million, driven by tighter operational oversight. The company also reversed $5.32 million in prior credit loss provisions, compared to a $148.13 million credit loss expense in the prior year. Bataille explained that the adjustment followed a comprehensive review of MIL’s loan book, which confirmed that existing collateral coverage was sufficient for all outstanding loans, eliminating the need for excess loss provisions.
“What we did do in 2025, we reviewed everything that we’re provisioning. We identified where there were scenarios where we may have been over provisioning for things where we had enough collateral to cover it,” Bataille told attendees during a virtual investor briefing on Friday.
Interest income for the year climbed 11% ($281.38 million) to $2.73 billion, fueled by a 20% expansion in the company’s loan and receivables book to $11.94 billion, alongside higher yields on repurchase agreements, promissory notes, and investment securities. While interest expense also rose 11% to $2.01 billion, MIL still posted $724.04 million in net interest income. Total full-year revenue grew 26% to $2.36 billion, lifted by higher consulting and commission fees, foreign exchange gains, and unrealized valuation gains on investment properties.
Currently, 42% of MIL’s total revenue comes from fee-based consulting and commission income, and the company has set ambitious targets to grow this share over time: 50% in the near term, and 75% in the longer term. The strategic shift will see MIL reduce its reliance on balance sheet lending and reorient the business toward recurring fee income, a mandate Bataille received from the company’s board of directors.
“Our goal is to really transform the business into a fee income generating business. That’s the mandate I got from my board,” the CEO said.
As part of this transformation, MIL plans to de-risk its balance sheet through the use of structured financing vehicles to manage its lending portfolio more efficiently, alongside a planned sale of non-core assets to free up capital for its core advisory and wealth management lines. The company is also expanding its investment banking division, led by bankers Dan Theoc and Rachel Kirlew, and has multiple deals in the pipeline. Chairman Peart confirmed that the firm is on track to complete at least one initial public offering (IPO) within the next three months.
Thanks to the strong full-year performance and the utilization of deferred tax credits, MIL’s net profit surged 358% year-over-year, from $139.28 million to $637.92 million. Total assets grew 7% to $44.25 billion, driven by the expanded loan book and $5.44 billion in net cash holdings. Total liabilities also rose 7% to $37.37 billion, with total outstanding loans standing at $13.21 billion and accounts payable growing 26% due to higher client payables. Shareholders’ equity improved 6% to $6.87 billion, translating to a book value of $5.72 per share. MIL’s capital adequacy ratio hit 18.16% at year-end, far exceeding the Jamaican regulatory minimum of 10%.
“I’m very focused on our liquidity mix, what we’re borrowing at, what we’re lending at and identifying ways to become more efficient, particularly controlling our interest expense and getting a better balance of liquidity. We’re looking at more creative ways of managing that balance sheet,” Bataille said in closing.
