LONDON, July 1 (IFR) - The Government of Jamaica has set a final yield of 7.625% on a US dollar-denominated bond with an average maturity of 10 years, according to one of the lead managers.
The sovereign, rated Caa3/B-/B-, earlier set yield guidance of 7.75%-8.00%, revised from initial price thoughts of low 8% on the note.
The bond has a final maturity in 2025 but will amortize in three equal installments in 2023, 2024 and 2025.
Proceeds from the issue will be used to repay a 150m bond maturing in 2014, refinance other indebtedness of the government and fund new investments.
BNP Paribas and Citigroup are the bookrunners on the transaction, which is expected to launch and price today. (Reporting By Abhinav Ramnarayan, editing by Anil Mayre)