Bear Stearns Prices Largest-Ever Bond for Government of Jamaica.Business Editors NEW YORK--(BUSINESS WIRE)--May 3, 2001 Bear, Stearns & Co. Inc. yesterday acted as sole lead-manager and bookrunner in a US$275 million issue of 10-year fixed-rate notes for the Government of Jamaica. The notes carry a semi-annual coupon of 11.75% and were priced at 98.545% to yield 12.00% or 671 bps more than the 5.0% U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. note due February 2011. This issue is Jamaica's largest ever, and also its longest-dated transaction. The issue was particularly well-timed - a trademark of Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. execution in the emerging markets - benefiting from a favorable external environment after weeks of volatility, and from a rating upgrade (to B+ from B) by Standard & Poor's during the marketing period. The transaction was announced on Monday, April 30 with preliminary price guidance in the 12.00% to 12.25% range and a minimum issue size of US$200 million. Due to exceptional demand, the transaction was well oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. by the official launch on Wednesday, which allowed Bear Stearns to increase the issue size to US$275 million while pricing the notes at the tight end of the range. The issue was distributed to more than 50 U.S. and European institutional accounts, many of which had never participated in a Jamaican transaction before; twice as many accounts participated in this transaction compared to Jamaica's US$225 million 12.75% issue due 2007 placed last August. The ratings upgrade and the strong demand for Jamaican assets, which underscored the success of this transaction, reflect the outstanding performance of the Government of Jamaica in strengthening the country's credit through continued adherence to a tight fiscal policy that fosters prospects for economic growth and financial stability in the country. For more information, please contact Jorge Cantonnet or AJ Mediratta at (212) 272-9425 in Bear Stearns Emerging Markets Debt Capital Markets. Founded in 1923, The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange : BSC (Binary Synchronous Communications) See bisync. ) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $25.8 billion in total capital, the company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer clearing services, including securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 11,000 employees located in domestic offices in Atlanta, Boston, Chicago, Dallas, Denver, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Francisco and San Juan; and an international presence in Beijing, Buenos Aires, Dublin, Hong Kong, London, Lugano, Sao Paulo, Seoul, Shanghai, Singapore and Tokyo. For additional information about Bear Stearns, please visit our Web site at http://www.bearstearns.com. |
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