Guernsey States completes debut £330m bond issue

Guernsey States has completed its £330m debut bond issue in a "better deal for the island's taxpayers".

Issuing government bonds will allow Guernsey's States departments to borrow money for the first time.

The States said there had been a strong level of interest which allowed a fixed rate of interest of 3.38% per year.

The changes to public finances were approved after the issue dominated debate around the island's 2015 budget in October.

Treasury Minister Gavin St Pier said: "It will help us make sure our assets work even better for us, and ensure that the borrowing we have is consolidated in a way that gets a better deal for the island's taxpayers."