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NEW YORK, Aug 11 (IFR) - Jamaica set final guidance of 6.75% Thursday on a reopening of its on a reopening of its 8% 2039 US dollar bond that will finance the buyback of existing debt, two market sources said.
The final yield came at the tight end of guidance of 6.875% area (plus or minus 12.5bp) and tight to initial price thoughts of 7% area.
Jamaica, rated Caa2/B/B, is yet to determine the size of the reopening, which will be used to finance a tender on its 10.625% 2017s and 8% 2019s.
The tender offer expires at 2pm New York time. The tap is expected to launch and price later on Thursday.
Bank of America Merrill Lynch and Citigroup are the bookrunners on the new issue and dealer managers on the tender offer. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)