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Finance Minister to receive award in New York

Ministry of Finance and Planning | 2016-02-10 00:00:00

Finance and Planning Minister, Dr. the Hon. Peter Phillip has arrived in New York, to attend the 2015 International Financing Review (IFR) Americas Award Ceremony to accept Jamaica’s award for Latin America Bond Deal of the Year.  This bond deal has been deemed record-breaking by the IFR for 2015.

In July 2015, the Government of Jamaica issued a US$2Bn dual-tranche bond in the international capital markets.  In a tough year for emerging market issuers, Jamaica was able to undertake a liability management transaction that saw the country issue its largest bond, at the lowest coupon rates. 

The other part of the transaction saw the country using most of the proceeds of the bond issue to retire US$3.0Bn PetroCaribe debt at a price that reflected a deep discount.  The transaction resulted in a reduction in the country’s debt to GDP ratio by approximately 10 percentage points. 

In announcing Jamaica as the 2015 winner of the Latin America Bond Deal in the category of Emerging Markets, IFR noted that the US$2.0Bn deal represented Jamaica’s largest bond sale ever or some 14.6% of the country’s 2014 GDP, a large sum for any country.  Quoting the head of Latin America Capital Markets Origination at Citigroup, Chris Gilfond, the IFR statement highlights that “Nobody comes close to 14% in sum total of all their transactions, let alone in a single trade.  Jamaica did it in a day.”

Max Volkov, head of LatAm Debt Capital Markets at the Bank of America Merrill Lynch said, “This puts Jamaica on a path of achieving its goal of breaking 100% debt-to-GDP by 2020.”

While in New York, the Finance Minister will also engage in discussions with foreign direct investors regarding the economic programme being pursued, the reforms that have been undertaken to make Jamaica a more business-friendly environment and the myriad of investment opportunities that exist locally as a result of the changing macro-economic climate. 

Dr. Phillips has also accepted interview requests from reporters of Bloomberg, Thompson-Reuters and Latin Finance.

The rest of the Jamaican delegation comprises the Financial Secretary, Mr. Devon Rowe and the Technical Advisor to the Minister, Ms Helen McIntosh.

The team will return to Jamaica on Thursday, 11 February 2016

Posted By :Cheryl Smith

Company Name : Ministry of Finance and Planning

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