Wednesday, August 10, 2016

Yesterday morning, the Government of Jamaica announced a tender offer for its 2017 and 2019 Eurobonds, meaning that it would purchase its already existing outstanding bonds for cash.

Specifically, the first offer is for the 2017 Eurobond maturing on June 20th, with outstanding principal of US $400,071,000, at a price of 108 per cent, or an 8.0 per cent premium on the principal value.

The second offer, for the amortising notes due 2019, is for a total principal of US$744,212,000, at a purchase price of 110.5 per cent — a 10.5 per cent premium above the principal value.

At two days, the tender period is very short, ending at 2:00 pm tomorrow, although this can be extended. The settlement period for the offer is currently Friday, August 19th.

http://www.jamaicaobserver.com/business/Government-launches-Eurobond-tender-offer-to-buy-US-1-144-billion-of-existing-bonds_70094