USVI bond prices rose sharply in secondary-market trades, Government House said

Government House said on October 18, 2018, that prices for some U.S. Virgin Islands bonds had risen sharply in secondary-market trading over the previous year, citing financial reports and a Bond Buyer article.

According to the statement, $2 million in Virgin Islands gross receipts tax bonds maturing in 2039 sold for 44 cents on the dollar on December 28, 2017, and the same bonds traded at 95 cents on the dollar on October 11, 2018. It also said matching fund bonds maturing in 2024 traded at 63 cents on the dollar on January 2, 2017, and at 100.625 cents on the dollar on October 5, 2018.

The statement said recent bond sales had averaged between 95% and 106% of face value and cited Bond Buyer as reporting that Virgin Islands bonds were rallying as the economy improved.

Government House attributed the improved trading levels to stronger investor confidence, continued debt payments, recovery efforts after the September 2017 hurricanes, and economic projects including the Limetree Bay refinery restart on St. Croix.

The statement also said the U.S. Department of the Interior had announced $251 million in rum tax cover-over payments for estimated fiscal 2019 collections, compared with $223.9 million for 2018.

Official source: https://www.vi.gov/investor-confidence-in-usvi-grows-under-mapp-potter-administrations-leadership/