Aug 05, 2021 Last Updated 1:14 PM, Aug 4, 2021

The Minister of Finance & the Public Service

The Hon. Nigel Clarke, DPhil., MP, is Jamaica's Minister of Finance and the Public Service and is Member of Parliament for St Andrew Northwestern. ...

Financial Secretary

Ms. Darlene Morrison is currently Jamaica’s Financial Secretary. As Financial Secretary, Ms. Morrison is the technical and administrative head of the Ministry of Finance and the Pu...

State Minister in the Ministry of Finance and the Public Service

The Hon. Marsha Smith, MP was born and raised in the parish of Saint Ann. She was educated at Brown’s Town Primary School, Westwood High School, Brown’s Town Community College, the...

Minister Shaw Raises US$400M at 7.95% - Lowest Rate Raised on International Capital Market

Importantly, today’s offer met specific liquidity and structural requirements which now places it in the Emerging Market Bond Index (EMBI), making it more attractive to investors.

In reacting to the successful placement of the issue and its over-subscription, Minister Shaw said, "Notwithstanding a tightening in the international market, I am very pleased that we were able to meet my original objective of staying within a 7 to 8 percent band. It is an unmistakable endorsement in the direction Jamaica is taking, and I intend to press ahead with scheduled reforms to build further business confidence."

The floating of today’s bond follows a series of meetings between Minister Shaw, and institutional investors across the US cities of New York, Los Angeles, and Boston last week, and with European Investors in October 2010.

In these meetings the Minister updated over 100 investors on recent developments in the Jamaican economy and discussed the country’s overall economic programme. The investor updates were held in anticipation of today’s offer.

Minister Shaw was accompanied by Financial Secretary, Dr Wesley Hughes, BOJ Governor Brian Wynter, Director of Debt Management, Mrs. Pamella McLaren, and Technical Advisor Mrs. Hillary Robertson.

Minister of Finance and the Public Service, the Hon. Audley Shaw today announced the successful placement of a US$400 million Eurobond at a record interest rate of 7.95 percent – the lowest rate at which Jamaica has ever raised funds on the International Capital Market.

The offer replaces a US$400 million Eurobond that was issued in 2001 at 11.75 percent and which matures in May. The lead managers for the transaction - Deutsche Bank Securities Inc. and BNP Paribas Securities Inc. - reported that the issue was 3 times oversubscribed, with more than US$1 Billion in orders from several institutional accounts in the US and Europe, as well as some investors from the Latin American and Caribbean region.

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