Jamaica names banks for two-part US dollar bond - filing
By Paul Kilby and Davide Scigliuzzo
NEW YORK, July 23 (IFR) - Jamaica has named Bank of America and Citigroup as leads on a two-part dollar bond issue, according to a SEC filing.
The Caribbean nation, rated Caa2/B/B-, filed an up to US$3bn shelf earlier this week, heightening expectations that it would issue bonds soon to retire an equivalent amount of PetroCaribe debt owed to Venezuela.
The government is expected to buy back the approximately US$3bn in debt at a steep discount - at somewhere between US$1bn-US$1.5bn - to make the transaction economical.
The borrower recently wrapped up investor meetings with Citigroup. (Reporting by Paul Kilby and Davide Scigliuzzo; Editing by Natalie Harrison)
© Thomson Reuters 2016 All rights reserved.