RE-OPENING OF BANK OF JAMAICA 6.00% US – INDEXED NOTE 2026A
ISIN: JMB202300480
| ISSUER | Bank of Jamaica |
| OFFER VOLUME | USD 96,500,000.00 |
| ISSUE PRICE | To be determined through competitive bidding. |
| AUCTION DATE | 9 January 2024 |
| ISSUE/ SETTLEMENT DATE | 11 January 2024 |
| SUBSCRIPTION CURRENCY | USD |
| SETTLEMENT CURRENCY | Settlement will occur on Thursday, 11 January 2024 payable in JMD using US$1.00 = J$154.8708 (the conversion rate at initial opening) |
| TENOR | Two Years and Five Months |
| MATURITY DATE | 29 May 2026 |
| COUPON | Fixed at 6.00% p.a. |
| INTEREST PAYMENT | The first installment of interest will be due on 29 February 2024, and will be calculated at the Coupon from the Issue Date. Thereafter interest will be paid quarterly on 29 May, 29 August, 29 November and 28 February. The final payment becomes due at maturity on 29 May 2026. |
| CURRENCY OF PAYMENT | All payments of principal and interest will be made in Jamaica Dollars. |
| RATE OF EXCHANGE FOR PAYMENT OF PRINCIPAL AND INTEREST | The 10-day moving average selling rate, applicable on the date of payment. |
| TAXATION | Interest on this instrument is subject to the withholding of taxes. |
| APPLICATION PROCESSING | Applications will be received via JamClear®-CSD between the hours of 9:30 am to 10:45 am and settlement will be effected via JamClear®-RTGS accounts held at Bank of Jamaica. |
| ENTITLEMENT PROCEEDS | Interest and principal payments will be effected through accounts housed in the JamClear®-RTGS on the payment date. |
| REGISTRATION OF SECURITIES | Issued and registered in the JamClear®-CSD, which is the only legal Registrar for the securities issued. |
| PREPAYMENT OPTION | The Bank of Jamaica reserves the right to effect prepayment operations on this instrument in full or in any part thereof. Prepayment may be effected at any date after the Issue Date with depositors being provided with a Notice of Prepayment of not less than one (1) month prior to the date of prepayment. Such Notice will be disseminated via a News Release issued to the public via the electronic media and via the Bank’s website www.boj.org.jm. For prepayment, beneficial holders on register as at the record date for the specified date of prepayment will receive principal and accrued interest from the last interest payment date up to the date of prepayment. |
| MINIMUM BID SIZE | The minimum value for applications is US$10,000.00. |
| 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. |
