The Government of Jamaica was able to raise US$800 million in a bond offer on Tuesday.
This success came days after Christine Lagarde, Managing Director of the International Monetary Fund (IMF) endorsed the country’s progress under the Fund’s programme, and is being viewed as a vote of confidence from international investors.
The offer, which was announced, launched and priced within three hours, was the fastest ever executed for Jamaica.A release from the country’s Ministry of Finance Finance revealed that the original aim was to raise US$ 500 million, but the offer was increased to $800 million, based on investor response. It has been priced at 7.625% and comes due in ten years.
This is the first time Jamaica is using this means to raise funds in more than two years. Investors had shied away from lending money to Jamaica in the aftermath of the failure of the 2010 IMF deal.
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Jamaica secures $800M through bond offer
