#Investment #Jamaica #Kingston #Bond Offering

Government of Jamaica's Tender Results for Bonds

On September 10, 2026, the Government of Jamaica shared significant information about the recent tender invitation for cash for its various bond offerings, specifically focusing on three series of notes. The tender process aimed to gauge investor interest and secure capital for the country's financial obligations.

Overview of the Tender

The tender invitation, disclosed on September 2, 2026, sought offers for cash against the following series of notes:

• - 6.750% Notes due 2028 (referred to as "2028 Notes")
• - 8.500% Notes due 2036 (the "2036 Notes")
• - 8.000% Notes due 2039 (the "2039 Notes")

The tender process formally concluded at 5:00 PM, New York City time, on September 9, 2026. During the tender, the Government detailed the aggregate principal amounts that were tendered for each note series, indicating robust interest from various investors.

Tender Details

The amounts tendered for each series were:

• - 2028 Notes: $343,170,000.00
• - 2036 Notes: $2,153,000.00
• - 2039 Notes: $131,292,000.00

Understanding the 2028 Notes

A significant detail concerning the 2028 Notes is their amortization factor, set at 0.66666667 for this offering. This means that the entire amount due per $1,000 of the original principal will be adjusted accordingly, impacting the eventual purchase price received by tendering holders.

Redemption and Payment Terms

If any part of the tender is accepted by Jamaica, holders of these Old Notes will receive the relevant purchase price multiplied by the amortization factor for the 2028 Notes, along with applicable accrued interest. Payments are scheduled to occur on the settlement date, contingent on the fulfillment of invitation conditions.

Financing Condition

Notably, Jamaica has communicated its intention to repurpose a portion of the proceeds from its upcoming new notes offering to facilitate the purchase of these Old Notes accepted in the current invitation. Therefore, this tender process is subject to a Financing Condition, which hinges on the successful closure of this new notes offering under terms favorable to Jamaica.

Upcoming Announcements

Jamaica has committed to announce the total amount of Old Notes accepted by 5:00 PM on September 10, 2026. Following this, an update regarding whether the financing condition has been met will be provided by noon on September 17, 2026, or as soon as practicable thereafter.

Dealer Managers and Contacts

This tender process saw involvement from two primary dealer managers:

• - Citigroup Global Markets Inc.
• - Scotia Capital (USA) Inc.

Personnel from either firm can be reached for detailed queries regarding the tender process, underscoring the structured approach taken throughout this financial initiative.

Key Considerations

Investors interested in these transactions must be aware of the jurisdictional restrictions that may apply to the invitation and its materials. The Government of Jamaica emphasizes that participation is confined to eligible holders who comply with legal requirements.

In summary, the Government of Jamaica's recent bond tender indicates active engagement with the market and a strategic approach to its financing needs. The outcomes of this process and upcoming announcements will be critical in shaping the country's fiscal landscape.