News Release
18 October 2002

TREASURY BILL (TENDER)

Tenders are invited for a total of $300 000 000.00 Jamaica Treasury Bills to be issued in accordance with this notice and the Standard Terms and Conditions for Applications/Tenders for Government of Jamaica Securities and redeemed as follows: 

     Offer               Issue Date                Maturity Date               Tenor 

300 000 000          2002 10 25                 2003 04 25                182 days

This offer will replace Bills of $500 000 000.00 maturing on Friday, 25 October, 2002 and will be issued on a discount basis under competitive and non-competitive bidding.

 Tenders from public sector entities should be made under non-competitive bidding and will be accepted at the weighted average bank discount rate of accepted competitive tenders.  Applications from public sector entities should be made through the Bank of Jamaica on tender date. 

Persons applying for amounts of up to $5 000.00 have the option of making a competitive bid or of applying without specifying a price.  In the latter case, an allocation will be made at the weighted average rate of accepted competitive bids. Persons applying for amounts above $5 000.00 must place a competitive bid.

Tenders from the public should be no later than 10:45 a.m. on Wednesday, 23 October, 2002.

Tender rates for competitive bids should not exceed five (5) decimal places.

Payment for bills must be made by Managerís Cheque payable to the Bank of Jamaica, which must accompany each tender, or by electronic transfer.

The Bank reserves the right to reject any tender.

Bills should be taken up at the Bank of Jamaica within ten (10) business days of the issue date by applicants or  their accredited representatives.

Treasury Bills due to mature on Friday, 25 October, 2002 should be lodged at the Bank of Jamaica by Wednesday, 23 October, 2002 for examination, accompanied by a listing form (obtainable from Bankers, Brokers and Bank of Jamaica). On Friday, 25 October, 2002, proceeds of matured Treasury Bills will be paid by cheque drawn on the Bank of Jamaica or credited to an account with the Bank of Jamaica.

Bank of Jamaica