Why investors held on to their GOJ bonds

The Government of Jamaica (GOJ) launched an invitation for bondholders of the notes due in 2028, 2036 and 2039 to exchange their notes for cash as the country restructures its debt profile. The offer targeted the purchase of the fixed-rate 2028s at 102.625 against an outstanding volume of US$1.25 billion, the fixed-rate 2036s at 117 against US$250 million, and the fixed-rate 2039s at 118 against US$1.24 billion. In total, the tender targeted US$2.74 billion across all three notes, but saw a take-up of only US$476 million, a participation rate of 17 per cent.