GOVERNMENT OF JAMAICA ISSUES US$1.0 BILLION IN INTERNATIONAL CAPITAL MARKETS

On September 17, 2026, the Government of Jamaica (GOJ) successfully issued US$1 billion in the international capital markets, achieving a record-low interest rate (coupon) by Jamaica in its international market borrowing history and marking Jamaica’s first USD-denominated issuance in more than a decade. The transaction also represents the country’s first benchmark transaction since Hurricane Melissa in October 2025. 

The bond issuance represents the second phase of the Government’s strategic liability management operation, launched on September 2, 2026, and closed on September 9, 2026. Under the operation, holders of three outstanding global bonds—the 6.750% bonds due 2028, 8.500% bonds due 2036, and 8.000% bonds due 2039—were invited to tender their holdings for repurchase, representing approximately US$2.33 billion in combined outstanding principal. 

The offer attracted US$491.1 million in tenders, comprising US$357.6 million of the 2028 bonds, US$131.4 million of the 2039 bonds, and US$2.1 million of the 2036 bonds, demonstrating continued investor confidence in Jamaica’s debt management programme. Strong demand from both international and local investors supported the pricing of the new bonds at a coupon of 6.25 percent, with the issuance substantially oversubscribed by approximately 2.5 times. The US$1 billion issue has therefore been utilized to finance the tenders and the remaining proceeds will support the budgetary financing requirement during fiscal year 2026/27. 

The Hon. Fayval Williams, Minister of Finance and the Public Service, said: “Less than a year after a storm that caused damage and loss equivalent to more than half of our Gross Domestic Product (GDP), international investors have chosen to lend to Jamaica at a rate that reflects confidence in this country and in the discipline Jamaicans have shown over more than a decade.” The Minister noted that the confidence was earned by Jamaican families and Jamaican businesses through years of difficult fiscal decisions.

Jamaica Raised Funds in ICM

The transactions form a part of the Government’s continuing programme to prudently manage the national debt by extending the maturity profile, reducing refinancing risk in the near term and reducing interest costs.

The Government accepted tenders at levels it considered appropriate and did not pursue repurchases at prices above these levels. As a result, a portion of the higher-interest rate paper remains outstanding. Those bonds will continue to be serviced in accordance with their terms and may be considered for future liability management transactions, subject to prevailing market conditions.

                                                                                  –end–

For further information contact:

Debt Management Branch

Ministry of Finance and the Public Service

30 National Heroes Circle

Tel: (876) 832-9743

Website: www.dmb.gov.jm