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First Nations Finance Authority Issues 5th Debenture (rating upgrade to A+ from A- by Standard and Poor’s, A2 re-affirmed by Moody’s)

First Nations Finance Authority Issues 5th Debenture (rating upgrade to A+ from A- by Standard and Poor’s, A2 re-affirmed by Moody’s)

Westbank, British Columbia (September 19, 2018) The First Nations Finance Authority (FNFA) has issued its largest debenture (bond) to date at $138 Million. The bond, which carries a coupon of 3.05%, was purchased by institutional investors in the global financial markets. This is FNFA’s 5th such debenture since 2014, bringing the total debt issued by FNFA up to $515 million, with another $45 million in interim loans.

This 5th debenture will improve housing, infrastructure and economies on 16 participating First Nations across Canada. The bonds are supported by First Nations “Own Source Revenues,” which are stable, predictable revenues self-generated by the First Nation government through revenue sharing agreements with municipal, provincial and federal governments, as well as lease contracts, royalties, rents, and business revenues.

“We are having an impact in the First Nations community,” explains Ernie Daniels, President and CEO. “The projects that our members have undertaken with our financing programs have created an estimated 5,600 jobs, mostly on-reserve. Grassroots people are being positively impacted daily, with improved access to housing, water and infrastructure.”

265 First Nations across Canada have voluntarily opted into the First Nations Fiscal Management Act, signifying their desire to join the FNFA. To date, 85 First Nations from 8 provinces and 1 territory have completed FNFA’s steps-to-membership. The balance are working to complete these steps. Since FNFA’s first loan was issued in 2012, there has never been a late payment or a default on payment.

“The FNFA intends to continue its work of improving access to capital for First Nations governments,” states FNFA Chairperson Chief Warren Tobobondung, of Wasauksing First Nation, ON. “As we cross the $500 million mark we are conscious of what got us here and what can be improved to get us to $1 billion. We expect to see more First Nations adopting our process and our borrowing pool will continue to grow.”

The FNFA is a not-for-profit First Nation led institution established pursuant to the federal First Nations Fiscal Management Act. FNFA provides any qualifying First Nation from across Canada with access to the capital markets. The First Nations govern the FNFA, as members elect from amongst themselves a Board of Directors. FNFA facilitates loans to Borrowing Members from the proceeds of bond issuances. These loans can have repayment terms up to 30 years and offer fixed-rate options to assist the member First Nation’s budgeting needs. In order to fund member’s borrowing requirements prior to an expected bond issuance date, the FNFA also offers short-term loans at below Bank Prime. Short-term loans are rolled over into each new bond. As more First Nations qualify to become Borrowing Members, the FNFA will continue to grow and diversify, looking to strengthen its credit rating and consequently the financial benefits to its members and investors.

“First Nations can be thought of as an emerging market within a first-world economy,” explains Daniels. “There is still much work to be done on housing, clean water, infrastructure, renewable energy, as well as continued economic growth and diversification. The FNFA will continue its efforts to benefit all stakeholders and help First Nations achieve the same quality of life as the rest of Canada.”

The Board of Directors, membership and staff of the FNFA looks forward to continuing its work with First Nations governments from coast to coast to coast.

For More Info:

Ernie Daniels
President and CEO
First Nations Finance Authority
PH: (250) 768-5253
Fax: (250) 768-5258
[email protected]


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