BANK OF JAMAICA FIXED RATE CERTIFICATE OF DEPOSIT: 8.50% FR 2025A
ISIN:JMB202300423
| ISSUER | BANK OF JAMAICA |
| AUCTION DATE | Tuesday, 10 October 2023 |
| OFFER VOLUME | JMD 25,000,000,000.00 JMD 23,750,000,000.00 allocated on Competitive basis JMD 1,250,000,000.00 allocated on Non-competitive basis |
| NON-COMPETITIVE BIDS | All bids from Public Sector Entities must be submitted as non-competitive bids. Bids allotted on a non-competitive basis will be settled at the weighted average price for the successfully allotted competitive bids. All bids from entities other than Public Sector entities must be submitted on a competitive basis. |
| ISSUE PRICE | To be determined through competitive bidding. |
| ISSUE/SETTLEMENT DATE | 12 October 2023 |
| MATURITY DATE | 13 October 2025 |
| TENOR | 2 Years |
| COUPON | Fixed at 8.50% per annum. |
| INTEREST PAYMENT | The first installment of interest will become due and payable on 12 January 2024. Thereafter, the quarterly interest payment becomes due on 12 April, 12 July, 12 October until maturity on 13 October 2025. |
| BUSINESS DAY | In the event that a payment day occurs on a day other than a business day, such payments will be made on the next business day. |
| TAXATION | Interest on this instrument is subject to the withholding of taxes. |
| APPLICATIONS | Applications will be received via the JamClear Central Securities Depository [JamClear-CSD®] between the hours of 9:30 am to 11:30 am on 10 October 2023. Settlement will be effected via accounts in the JamClear® Real-time Gross Settlement system [JamClear®-RTGS] at the Bank of Jamaica on 12 October 2023. |
| RESERVE YIELD | The allocation of bids will be subject to a reserve yield. Bids above the reserve price yield will not be eligible for allocation. |
| ENTITLEMENTS | Interest and principal payments will be effected through accounts housed in the JamClear RTGS® on the payment date. |
| REGISTRATION OF SECURITIES | Registered in the JamClear®-CSD, which is the only legal registrar for the securities issued. |
| MINIMUM BID SIZE | The minimum value for applications is JMD One Million Dollars ($1, 000, 000.00) |
