The Bank of Jamaica building in downtown Kingston. (File photo)

Jamaican Gov’t raises US$168 million in new debt

The Bank of Jamaica building in downtown Kingston. (File photo)

The Government of Jamaica (GOJ) today closed its offer for US-Indexed Note that will mature in 2023.

Last week Monday, October 12, the Bank of Jamaica, working on behalf of the Government, opened the offer for the fixed-rate (FR) bond, which carries a coupon of 3.75 per cent.

At its close today, the central bank allocated bids amounting to US$168.12 million.

US Dollar notes (Photo: Daily Express)

The raise follows the issue of three local benchmark investment notes (BIN) on October 7, 2020 — each having a different coupon and maturity date — that totalled JM$39 billion.

They include GOJ FR 5.80 per cent BIN that matures in 2034, GOJ FR 5.50 per cent BIN with a tenor ending 2023, and GOJ FR 5.675 per cent BIN maturing in 2029.

The depreciation of the Jamaican dollar will threaten the country’s growth prospects.

The Government raised JM$10 billion, JM$17 billion and JM$12 billion respectively from each bond.