TERM SHEET FOR GOVERNMENT OF JAMAICA

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					                TERM SHEET FOR GOVERNMENT OF JAMAICA
                   FIXED RATE US$ INDEXED BOND ISSUE
                               12.00% 2005
 ISSUER                           Government of Jamaica

 AUTHORITY                        The Local Registered Stock Act and the
                                  Loan Act, 1964 as amended.

 OFFER VOLUME                     Unlimited, payable in Jamaica dollars

 PURPOSE                          To finance the Government’s budgetary
                                  requirements

 SUBSCRIPTION DATE                May 22, 2003


 EXCHANGE RATE FOR                The 10-day moving average selling rate
 CONVERSION OF SUBSCRIPTION       applicable on May 08, 2003 as published by
 AMOUNT                           the Bank of Jamaica, which is
                                  J$57.5593=US$1.00

 TENURE                           21 months

 MATURITY                         February 22, 2005

 INTEREST RATE                    Fixed at 12.00% p.a.

 INTEREST PAYMENT                 First payment on November 22, 2003.
                                  Thereafter, interest will be paid semi-
                                  annually on May 22, and November 22 of
                                  each year, until maturity on February 22,
                                  2005. The final interest payment will cover
                                  the period August 22, 2004 to February 22,
                                  2005, and will be made on February 22,
                                  2005.

 CURRENCY OF PAYMENT              All payments of principal and interest to be
                                  made in Jamaica dollars.


 RATE OF EXCHANGE FOR PAYMENT     The 10-day BOJ moving average selling rate
                                  multiplied by a factor of 1.002.         The
                                  applicable moving average rate shall be the
                                  rate existing on the tenth business day
                                  immediately prior to the due date of
                                  payment, or the next nearest business day not
                                  later than 10 business days prior to the due
                                  date of payment.

 TAXATION                         Taxable

 INSTRUMENT TYPE                  Registered and transferable

 PRUDENTIAL                       Will not qualify as a liquid asset.

 BUSINESS DAY                     In the event that a payment day occurs on a
                                  day other than a business day, such payments
                                  will be made on the business day preceding
                                  that date.

 COMMISSION                       10 Cents per J$100

 REGISTRAR & PAYING AGENT         Ministry of Finance & Planning


Debt Management Unit,
Ministry of Finance & Planning,
May 19, 2003