NEW YORK, July 1 (IFR) - The government of Jamaica plans to issue a US dollar-denominated bond with an average maturity of 10 years, according to one of the lead managers.
The sovereign, rated Caa3/B-/B-, has set initial price thoughts of low 8% on the note, which has final maturity in 2025 but will amortize in three equal installments in 2023, 2024 and 2025.
Proceeds from the issue will be used to repay a 150m bond maturing in 2014, refinance other indebtedness of the government and new investments.
BNP Paribas and Citigroup are the bookrunners on the transaction, which is expected to launch and price today. (Reporting by Davide Scigliuzzo; Editing by Sudip Roy)