Jamaica bond sale of US$1 billion: most of the proceeds go straight back into retiring older debt, with tourism earnings underwriting the confidence.
JAMAICA · BUSINESS & ECONOMY
Key Facts
—What happened Jamaica is issuing a US$1 billion unsecured international bond, with investor meetings that began on 3 September.
—Where the money goes About US$600 million funds a buyback of older bonds and the rest covers general budget needs.
—The real story Swapping expensive old debt for cheaper new debt lowers the interest bill without raising the total owed.
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