Obligation Jamaïca 7.625% ( US470160BQ42 ) en USD

Jamaïca

100 % ▼

Jamaique

US470160BQ42 ( en USD )

7.625% par an ( paiement semestriel )

08/07/2025 - Obligation échue

Prospectus brochure de l'obligation Jamaica US470160BQ42 en USD 7.625%, échue

200 000 USD

800 000 000 USD

470160BQ4

La Jamaïque est une île des Caraïbes, la troisième des Grandes Antilles, célèbre mondialement pour sa culture reggae vibrante, ses paysages montagneux luxuriants et ses plages idylliques qui en font une destination touristique prisée.

L'Obligation émise par Jamaïca ( Jamaique ) , en USD, avec le code ISIN US470160BQ42, paye un coupon de 7.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 08/07/2025

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Filed Pursuant to Rule 424(b)(2)
File No. 333-178979
PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED JULY 1, 2014

7.625% Notes due 2025

The Government of Jamaica is offering US$800,000,000 of 7.625% notes due 2025. The notes will be direct, general, unsecured and
unconditional obligations of Jamaica, and will rank at least pari passu, without any preference among themselves, with all of
Jamaica's other unsecured External Indebtedness (as defined in the accompanying prospectus). Jamaica has pledged its full faith and
credit for the due and punctual payment of principal and interest on the notes. Jamaica will pay principal on the notes in three equal
installments on July 9, 2023, July 9, 2024 and July 9, 2025. Jamaica will pay interest on the outstanding principal of the notes
semi-annually in arrears on January 9 and July 9 of each year, commencing on January 9, 2015 at an annual rate of 7.625%. The notes
will mature on July 9, 2025.
The notes are being offered globally for sale in jurisdictions where it is lawful to make such offers and sales. Jamaica intends to
apply for the notes to be listed on the Official List of the Luxembourg Stock Exchange and traded on the Euro MTF Market of that
exchange.
It is intended that a portion of the notes will be offered and sold outside of the United States to non-U.S. persons in accordance with
Regulation S under the Securities Act. Terms used in this paragraph have the meanings given to them in Regulation S under the
Securities Act.
Investing in the notes involves risks. See "Risk Factors" beginning on page S-5 of this prospectus
supplement.
The notes will contain provisions, commonly known as "collective action clauses," regarding future modifications to the terms of, or
other actions taken in respect of, debt securities issued under the fiscal agency agreement. Under those provisions, modifications or
other actions affecting the Reserved Matters listed in the fiscal agency agreement, including modifications to payment and other
important terms, may be made to a single series of debt securities issued under the fiscal agency agreement with the consent of the
holders of 75% of the aggregate principal amount outstanding of that series, and to two or more series of debt securities issued under
the fiscal agency agreement with the consent of the holders of 85% of the aggregate principal amount outstanding of all series that
would be affected and 66 2/3% in aggregate principal amount outstanding of each affected series. See "Description of the Debt
Securities--Modifications; Collective Action Securities."
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Neither the U.S. Securities and Exchange Commission nor any other regulatory body has approved or disapproved these
securities or passed upon the adequacy or accuracy of this prospectus supplement or the prospectus to which it relates. Any
representation to the contrary is a criminal offense.

Per Note
Total

Public offering price(1)

100.000%
US$800,000,000
Underwriting discounts and commissions

0.100%
US$
800,000

Proceeds, before expenses, to Jamaica

99.900%
US$799,200,000

(1)
Interest on the notes will accrue from July 9, 2014.
Delivery of the notes in book entry form will be made on or about July 9, 2014.
Global Coordinator
Joint Lead Managers and Joint Bookrunners
The date of this prospectus supplement is July 1, 2014.
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ABOUT THIS PROSPECTUS SUPPLEMENT
This document consists of two parts. The first part is this prospectus supplement, which describes the specific terms of this
offering. The second part, the accompanying prospectus, gives more general information, some of which may not apply to this
offering. If information in this prospectus supplement is inconsistent with the accompanying prospectus, investors should rely on the
information in this prospectus supplement. This prospectus supplement, the accompanying prospectus and the documents incorporated
by reference into each of them include important information about Jamaica, the notes being offered and other information investors
should know before investing in the notes.
The accompanying prospectus is hereby amended and supplemented as follows:

(1) The first sentence of the sixth paragraph under the section "General Description of Jamaica" is replaced in its entirety by the
following:

Jamaica's total public sector debt as a percentage of nominal GDP increased to 136.4% on December 31, 2013, from 134.3% at
December 31, 2012.
INTRODUCTORY STATEMENTS
Jamaica accepts responsibility for the information contained in this prospectus supplement and the prospectus that accompanies
it. To the best of the knowledge and belief of the Government of Jamaica (which has taken all reasonable care to ensure that such is
the case), the information contained in this prospectus supplement and the accompanying prospectus accurately reflects the facts and
does not omit anything likely to affect the import of such information.
The Government of Jamaica is a foreign sovereign government. Foreign sovereign governments are generally immune from
lawsuits and from the enforcement of judgments under United States laws; however, foreign sovereign governments may waive this
immunity, and limited exceptions to this immunity are set forth in the U.S. Foreign Sovereign Immunities Act of 1976 (the "Foreign
Sovereign Immunities Act"). See "Enforcement of Claims" and "Description of the Debt Securities--Enforcement of Claims" in the
accompanying prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the notes may be legally
restricted in some countries. If you wish to distribute this prospectus supplement or the accompanying prospectus, you should observe
any applicable restrictions. This prospectus supplement and the accompanying prospectus should not be considered an offer, and it is
prohibited to use them to make an offer, in any state or country in which the making of an offer of the notes is prohibited.
Unless otherwise indicated, all references in this prospectus supplement to "JA dollars" and "J$" are to Jamaica dollars, the
lawful national currency of the country of Jamaica, and those to "U.S. dollars" or "US$" are to the lawful currency of the United
States of America. Unless the context otherwise requires, references to "Jamaica" are references to the Government of Jamaica.
The official exchange rate published by the Bank of Jamaica for U.S. dollars on July 26, 2014 was J$112.03 per US$1.00.

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OFFERING SUMMARY
This summary highlights information contained in this prospectus supplement and the accompanying prospectus and
may not contain all of the information that may be important to you. You should read this summary along with the more
detailed description appearing elsewhere in this prospectus supplement and in the accompanying prospectus.

Issuer
Government of Jamaica.
Notes
US$800,000,000 7.625 % notes due 2025.
Issue Price
7.625% of the principal amount of the notes plus accrued
interest, if any.
Maturity Date
The notes will mature on July 9, 2025 and will amortize in
three equal installments due July 9, 2023, July 9, 2024 and
July 9, 2025.
Interest
The notes will bear interest at a rate of 7.625% per annum
on the outstanding principal amount payable semi-annually in
arrears in U.S. dollars on January 9 and July 9 of each year,
commencing January 9, 2015.
Withholding Tax and Additional Amounts
Jamaica will make all payments of principal and interest on
the notes without withholding or deduction for any Jamaican
taxes, except in certain limited circumstances. See
"Description of the Debt Securities--Additional Amounts."
Further Issues
Jamaica may from time to time, without your consent,
increase the size of the issue of the notes, or issue additional
debt securities that may be consolidated and form a single
series with the outstanding notes.
Book Entry Delivery, Form and
The notes will be issued in fully registered form without
Denominations
interest coupons in minimum denominations of US$200,000
of original principal amount and integral multiples of
US$1,000 in excess thereof. The notes will be represented
by one or more global notes, registered in the name of Cede
& Co. as nominee of DTC. Beneficial interests in the global
notes will be shown on, and the transfer thereof will be
effected through, records maintained by DTC. See "Global
Clearance and Settlement."
Status of the Notes
The notes will be direct, general, unsecured and
unconditional obligations of Jamaica, and will rank at least
pari passu, without any preference among themselves, with
all of Jamaica's other unsecured External Indebtedness.
Jamaica has pledged its full faith and credit to make all
payments on the notes when due. See "Description of the
Debt Securities--Status of the Debt Securities."

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Events of Default
The notes will contain certain events of default, the
occurrence of which may permit noteholders to accelerate
Jamaica's obligations under the notes prior to maturity. See
"Description of the Debt Securities--Default; Acceleration
of Maturity."
Negative Pledge
The notes will contain certain covenants, including a
negative pledge covenant that will restrict Jamaica from
creating or permitting to exist (subject to certain exceptions)
any security interest on any of its present or future revenue,
properties or assets. See "Description of the Debt Securities
--Negative Pledge."
Payments of Principal and Interest
Jamaica will make payments of principal and interest on the
notes in U.S. dollars through the paying agent to DTC, which
will receive funds for distribution to the holders of the notes
as registered with the registrar at the close of business on the
fifteenth day preceding the date of payment.
Listing
Jamaica intends to apply to have the notes listed on the
Official List of the Luxembourg Stock Exchange and traded
on the Euro MTF Market of that exchange.
Use of Proceeds
Jamaica will use the US dollar equivalent to 150 million of
the net proceeds from the sale of the notes for the repayment
in full of its 10.50% euro bonds due 2014. Jamaica intends
to use the remaining net proceeds from the sale of the notes
for general purposes of the government, including the
refinancing, repurchase or retiring of public indebtedness.
Taxation
See "Taxation" in the companying prospectus for a
discussion of the U.S. and Jamaican tax consequences
associated with an investment in the notes. Investors should
consult their own tax advisors in determining the tax
consequences of the purchase, ownership and disposition of
the notes.
Collective Action Clauses
The notes will contain provisions, commonly known as
"collective action clauses," regarding future modifications to
the terms of, or other actions taken in respect of, debt
securities issued under the fiscal agency agreement. Under
those provisions, modifications or other actions affecting the
Reserved Matters listed in the fiscal agency agreement,
including modifications to payment and other important
terms, may be made to a single series of debt securities
issued under the fiscal agency agreement with the consent of
the holders of 75% of the aggregate principal amount
outstanding of that series, and to two or more series of debt
securities issued under the fiscal agency agreement with the
consent of the holders of 85% of the aggregate principal
amount outstanding of all series that would be affected and
66 2/3% in aggregate principal amount outstanding of each
affected series. See "Description of the Debt Securities
--Modifications; Collective Action Securities."

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Fiscal Agent, Principal Paying Agent and
Deutsche Bank Trust Company Americas.
Registrar

Paying Agent and Transfer Agent
Deutsche Bank Luxembourg S.A.
Governing Law
The notes and the fiscal agency agreement are governed by
the laws of the State of New York, except with respect to
their authorization and execution, which will be governed by
the laws of Jamaica. See "Description of the Debt Securities
--Governing Law and Submission to Jurisdiction."

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RISK FACTORS
Your decision to invest in the notes involves risk. We urge you to read carefully this prospectus supplement and the
accompanying prospectus in their entirety and to note, in particular, the following risk factors.
Risk Factors Relating to Jamaica
Any investment in securities of a sovereign in an emerging market, such as the notes, involve significant risks.
Jamaica is an emerging market economy, and investing in securities of emerging markets issuers generally involves a higher
degree of risk. Social and macroeconomic factors may also affect economic and fiscal results. Investing in securities of issuers in
emerging markets, such as Jamaica, generally involves a higher degree of risk than investments in securities of corporate or sovereign
issuers from more developed countries. Factors that adversely affect emerging market countries, such as Jamaica, include, among
others, the following:

·
fiscal
deficits;

· dependence on external financing;

· high interest rates;

· devaluation or depreciation of the currency;

· lack of adequate infrastructure necessary to accelerate economic growth;

·
high
inflation;
and

· adverse changes in governmental economic, tax or other policies.
Any of these factors may have an adverse effect on the condition of Jamaica, while volatility in the markets for securities similar
to the notes may adversely affect the liquidity of, and trading market for, the notes.
Developments in Jamaica's trading partners may materially and adversely affect Jamaica and its ability to service the notes.
If interest rates increase significantly in developed economies, including the United States, Jamaica's trading partners could find
it more difficult and expensive to borrow capital and refinance existing debt, which could adversely affect economic growth in those
countries. Decreased growth on the part of Jamaica's trading partners could have a material adverse effect on the markets for
Jamaican exports and, in turn, adversely affect the Jamaican economy. An increase in interest rates in developed economies would
also increase Jamaica's debt service requirements with respect to its debt obligations that accrue interest on a floating rate basis,
which could adversely affect the ability of Jamaica to service its public debt generally, including the notes.

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Depreciation or appreciation of the Jamaica dollar could have a material adverse effect on the Jamaican economy and
Jamaica's ability to service the notes.
We cannot assure you that the Jamaica dollar will not depreciate or appreciate significantly in the future. Either a significant
appreciation or a significant depreciation could have a material adverse effect on the Jamaican economy and the general ability of
Jamaica to service its public debt, including the notes.
Jamaica has experienced economic problems and may continue experiencing economic problems, which may affect Jamaica's
ability to service its debt, including the notes.
Jamaica has experienced volatility in its macroeconomic drivers and has experienced economic crises in recent decades.
Preliminary estimates showed that the Jamaican economy expanded by 0.2% in 2013 when compared with 2012. GDP declined by
0.5% in 2012 compared to 2011 and grew by 1.4% in 2011 compared to 2010. Jamaica cannot offer any assurance that the Jamaican
economy will grow in the future. Economic growth depends on a variety of factors, including, among others, the sustainability of
tourism, the stability and competitiveness of the Jamaica dollar against foreign currencies, confidence among Jamaican consumers and
foreign and domestic investors and their rates of investment in Jamaica, the willingness and ability of businesses to engage in new
capital spending and the rate of inflation. Some of these factors are outside of Jamaica's control. If Jamaica experiences economic
problems, Jamaica may have difficulty in servicing the notes.
Jamaica faces long-term economic challenges, including:

· a substantial merchandise trade deficit;

· social problems relating to high unemployment, poverty and crime;

· high debt levels; and

· high energy costs.
The Jamaican economy remains vulnerable to external shocks, including natural disasters such as hurricanes, which could
have a material adverse effect on economic growth and Jamaica's ability to make payments on its debt, including the notes.
Jamaica's economy is vulnerable to external shocks. A reduction in tourism, as a result of economic decline in other countries or
natural disasters, such as hurricanes, may cause a reduction in revenue and could have an adverse effect on the Jamaican economy. In
addition, a significant decline in the economic growth of any of Jamaica's major trading partners, especially the United States, could
have an adverse effect on Jamaica's balance of trade and adversely affect Jamaica's economic growth. The United States is Jamaica's
largest export market. Jamaica's economy also benefits substantially from remittances, which tend to decline during global and U.S.
economic downturns. A significant decrease in remittances from Jamaicans living abroad may lead to depreciation of the Jamaica
dollar and negatively affect the ability of Jamaica to meet its external debt obligations. Jamaica cannot assure you that events affecting
other markets will not have a material adverse effect on Jamaica's growth and its ability to service its public debt, including the
notes.
Jamaica may be unable to obtain financing on satisfactory terms in the future and its ability to service its public debt may be
adversely affected.
Jamaica's future fiscal results (i.e., tax receipts excluding interest payments on Jamaica's public debt) may be insufficient to
meet its debt service obligations and it may have to rely in part on additional financing from the domestic and international capital
markets on satisfactory terms in order to meet its future debt service obligations. In the future, Jamaica may not be able or willing to
access the international capital markets, and this may have a material adverse effect on Jamaica's ability to service its public debt,
including the notes.

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Jamaica receives financing from international lending agencies and multilateral institutions, including the International
Monetary Fund. If such support is unavailable in the future, Jamaica may have difficulty in servicing the notes.
Jamaica receives budgetary financing from multilateral, including from the IMF, and other official institutions, and balance of
payment support from the IMF, both under the Extended Fund Facility ("EFF"). Jamaica's failure to meet the targets set out under the
EFF or delays in approvals by the IMF in its periodic review of Jamaica's progress in meeting such targets may result in no
disbursements or delays in disbursements under the EFF, and may also lead other multilateral and official sector agencies to suspend
or delay disbursements. If economic assistance from multilateral and other official institutions is unavailable in the future, Jamaica
may have difficulty in servicing its debts, including the notes. For further details on the EFF, see "Recent Developments--The
Jamaican Economy--IMF Arrangements."
Jamaica relies heavily on foreign oil supplies, which may be disrupted or increase in cost in the future.
Jamaica is dependent on oil imports to satisfy domestic energy consumption. Jamaica receives approximately 90% of its energy
requirements from imported oil. In August 2005, Jamaica entered into the PetroCaribe Agreement under which the government of
Venezuela has agreed to make available to Jamaica a portion of the value of Jamaica's purchases of oil as a concessionary loan
facility, the terms of which are determined by the prevailing price per barrel of oil internationally. Jamaica cannot guarantee that this
agreement, or any future agreement with Venezuela or any other country, will not be terminated. Furthermore, any disruption of oil
supplies or a significant increase in international oil prices may have a material adverse effect on the Jamaican economy and
Jamaica's ability to service its debts, including the notes.
Risks Related to the Notes
The notes will contain provisions regarding acceleration and voting on amendments, modifications and waivers, which are
commonly referred to as "collective action clauses," under which certain key terms of the notes may be amended, including
the maturity date, interest rate and other payment terms, without your consent.
The notes will contain provisions, commonly known as "collective action clauses," regarding future modifications to the terms
of, or other actions taken in respect of, debt securities issued under the fiscal agency agreement. Under those provisions,
modifications or other actions affecting the Reserved Matters listed in the fiscal agency agreement, including modifications to
payment and other important terms, may be made to a single series of debt securities issued under the fiscal agency agreement with the
consent of the holders of 75% of the aggregate principal amount outstanding of that series, and to two or more series of debt securities
issued under the fiscal agency agreement with the consent of the holders of 85% of the aggregate principal amount outstanding of all
series that would be affected and 66 2/3% in aggregate principal amount outstanding of each affected series. See "Description of the
Debt Securities--Modifications; Collective Action Securities."
It may be difficult or impossible to enforce judgments of courts of the United States and other jurisdictions against Jamaica.
Jamaica is a foreign sovereign government. Foreign sovereign governments and agencies and instrumentalities thereof are
generally immune from lawsuits and from the enforcement of judgments under U.S. law, but may waive this immunity or may be
subject to limited exceptions to this immunity, as set forth in the U.S. Foreign Sovereign Immunities Act of 1976, as amended, or the
Foreign Sovereign Immunities Act.

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