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Phillips in New York to accept Jamaica's award for record-breaking bond deal

Published:Wednesday | February 10, 2016 | 2:32 PM
Finance and Planning Minister, Dr Peter Phillips.

Finance and Planning Minister, Dr Peter Phillips is in New York, today to attend the 2015 International Financing Review (IFR) Americas Award Ceremony to accept Jamaica’s award for Latin America Bond Deal of the Year.

A release from the finance ministry says this bond deal has been deemed record-breaking by the IFR for 2015.

In July 2015, the Government of Jamaica issued a US$2 billion dual-tranche bond in the international capital markets.

The ministry says in a tough year for emerging market issuers, Jamaica was able to undertake a liability management transaction that saw the country issue its largest bond, at the lowest coupon rates.

The other part of the transaction saw the country using most of the proceeds of the bond issue to retire a US$3 billion PetroCaribe debt at a price which the ministry says reflected a deep discount.

The ministry says the transaction resulted in a reduction in the country’s debt to GDP ratio by approximately 10 percentage points.

In the meantime, the ministry says while in New York, the Finance Minister will also engage in discussions with foreign direct investors regarding the economic programme being pursued and the reforms that have been undertaken to make Jamaica a more business-friendly environment.

The rest of the Jamaican delegation comprises the Financial Secretary, Devon Rowe and the Technical Advisor to the Minister, Helen McIntosh.

The team will return to Jamaica tomorrow.