Jamaica Producers Group (JPG) today delivered on a promise made in 2014 when they listed a J$1 Billion Bond on the Jamaica Stock Exchange (JSE). The money was initially raised from a number of institutional investors in a private placement of secured Variable Rate Notes, the proceeds of which were used by JPG to acquire 11.59% of the shares in Kingston Wharves Ltd.

Mrs. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange, stated that, “the Bond Market is an excellent medium for companies to raise capital to finance and grow their businesses, especially companies that have previously raised capital on the equity market”. She went on to say that “these bonds will be traded across the exchange and will allow investors to exit or enter the market as they see fit”. Mrs. Street Forrest congratulated Scotia Investments in putting together the deal and JPG for listing the Bonds on the Market as promised.

According to Mr. Dylan Coke, Head of Scotia Investment Capital Market, “this listing is significant as there is currently only one other bond listed on the JSE Bond Market, and this is the market’s 3rd listing overall” (Access Financial-matured, Jamaican Teas and now Jamaica Producers Group Ltd. Bond).

The private placement was arranged by Scotia Investments Jamaica who was approached by JPG to act as Listing Agent in the process.

As Listing Agent, Scotia Investments was responsible for putting together the Application for the bonds, and the submission to the Financial Services Commission, the Companies Office of Jamaica and the Jamaica Stock Exchange. On Thursday, March 3rd the Listing Committee of the JSE met and approved the listing of the JPG Notes.

“Scotia Investments is pleased to have been able to assist JPG in listing these bonds on the Stock Market” said Mr. Coke.

The JSE launched its Corporate Bond Market in June 2013 which opened up a new area of the capital market for secondary trading of debt securities. This listing by JPG will allow easier trading of the bonds by investors