6.00% US – INDEXED NOTE 2026A
ISIN: JMB202300480

ISSUERBank of Jamaica
  OFFER VOLUME  USD 190,000,000.00
ISSUE PRICETo be determined through competitive bidding.
AUCTION DATE27 November 2023
SETTLEMENT CURRENCYSettlement will occur on Wednesday, 29 November 2023 payable in JMD using the 10-day moving average buy rate applicable on Monday, 27 November 2023 – i.e. the rate published on Friday, 24 November 2023
TENORTwo Years and Six Months
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 maturityon 29 May 2026.
CURRENCY OF PAYMENTAll payments of principal and interest will be made in Jamaica Dollars.
RATE OF EXCHANGE FOR PAYMENT OF PRINCIPAL AND INTERESTThe 10-day moving average selling rate, applicable on the date of payment.
TAXATIONInterest on this instrument is subject to the withholding of taxes.
APPLICATION PROCESSINGApplications will be received via JamClear®-CSD between the hours of 9:30 am to 10:45 pm and settlement will be effected via JamClear®-RTGS accounts held at Bank of Jamaica.
ENTITLEMENT PROCEEDSInterest and principal payments will be effected through accounts housed in the JamClear®-RTGS on the payment date.
REGISTRATION OF SECURITIESIssued and registered in the JamClear®-CSD, which is the only legal Registrar for the securities issued. 
PREPAYMENT OPTIONThe 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 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 SIZEThe minimum value for applications is US$10,000.00. 
RESERVE YIELDThe allocation of bids will be subject to a reserve yield. Bids above the reserve price yield will not be eligible for allocation.

Post Author: Editorial Team