Bear Stearns Re-opens Jamaica Eurobonds At 101.625%.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 24, 2001

The Government of Jamaica issued an additional US$125 million of its 11.75% Notes due 2011 today at a price of 101.625%, over 3% above their original re-offer price of 98.545% just three weeks ago. The re-opening price

Demand for the Jamaican bonds was so overwhelming that the transaction was quickly oversubscribed, with over US$200 million in orders. In addition, strong investor interest allowed the transaction to be announced, launched and priced within two hours.

The notes were distributed almost entirely to US and European institutional accounts: 28 US investors bought 80% of the issue, while 8 European investors took in 11% of the issue and Central American and Caribbean (non-Jamaican) investors took the remaining 9%. Many orders came from institutional investors that did not receive full allocations in the original issue, while other investors wanted to add to their positions given the outstanding performance of the bond in the secondary markets.

The re-opening, similarly to the original issue, accomplished the Government's objective of growing its institutional investor base and diversifying funding sources away from the local markets in order to free up credit to the private sector.

The re-opening of the Government of Jamaica bond, which is rated Ba3/B+, was priced at a yield 1.42% below Turkey's (B1/B-) 10-year benchmark, 1.96% below Brazil's (B1/BB-) 10-year benchmark, 3.67% below Argentina's (B2/B) 10-year benchmark, and 1.18% below Peru's (Ba3/BB-) FLIRB benchmark.

For more information, please contact Jorge Cantonnet or AJ Mediratta at (212) 272-9425 in Bear Stearns Emerging Markets Debt Capital Markets.

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