The expected move by Finance Minister Dr. Omar Davies to raise US$250 million in the international capital markets at the week-end failed to materialise.
Both the Associated Press and Bloomberg wire services reported last Thursday that Jamaica was poised to come to market with a US$250 million Eurobond issue floated in New York to help fill the gap in the Budget.
US and local sources confirmed the news yesterday but said the issue had still to be priced by the Government's lead bank on the Eurobond, Deutsche Bank AG. However, Deutsche Bank denied on Monday that an issue was due.
It apparently took a market read last week, attempting to gain investors interest in purchasing Bonds priced at around the 11.25 per cent offered to local investors at the start of the month when the Government raised another US$50 million, through a four-year tax-free instrument.
The Finance Minister said in April during his Budget presentation that he would raise US$400 million in the international capital market to help finance the $167 billion spending programme he outlined.
