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PRESS RELEASE
The Government of Jamaica has decided to postpone its contemplated Euro-denominated transaction, despite the fact that there was a solid buildup of demand from across Europe and Asia. The deterioration in market conditions, particularly in the last week, has resulted in a sharp increase in the yields on GOJ US$ bond issues. This combined with geo-political developments and the general lack of liquidity in the international markets would have meant paying a higher premium when compared to past transactions. Against this background, the Government has decided to defer this transaction until market conditions improve.
It should be noted that payments of the EURO200M bonds were effected on Tuesday, February 18, 2003.
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