Jamaica’s Bond Buyback Targeted US$2.33 Billion and Got Back a Fifth
Investors offered US$476.6 million against a target of roughly US$2.33 billion. Holders of the highest-coupon bond had the least reason to sell. The post Jamaica’s Bond Buyback Targeted US$2.33 Billion and Got Back a Fifth appeared first on The Rio Times .
Jamaica's bond buyback targeted roughly US$2.33 billion of its international debt, but only received about a fifth of that amount. The 2028 notes drew US$343.2 million, while the 2036 notes and 2039 notes drew US$131.3 million and US$2.15 million respectively. The 2036 bond, which pays the highest coupon, saw almost no investors willing to sell, as it is a valuable asset in a falling-rate world.
The 2028 bond, maturing in about two years, saw the strongest response. The buyback aims to replace expensive or near-dated debt with cheaper or longer-dated borrowing, smoothing the repayment profile and potentially lowering interest costs.
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