Jamaica Sells $2 Billion in Bonds to Repay Petrocaribe Debt

Jamaica sold $2 billion in bonds to help pay down debt owed to Petroleos de Venezuela SA under the Petrocaribe program. The Caribbean nation sold $1.35 billion in bonds due 2028 to yield 6.75 percent and $650 million of notes due 2045 to yield 7.875 percent, according to a person familiar with the matter, who isn’t authorized to speak publicly and asked not to be identified. Jamaica said in a filing Thursday that it plans to spend $1.5 billion of the proceeds to pay down debt owed to state-owned PDVSA. Demands on Venezuelan President Nicolas Maduro’s cash-strapped government have peaked with the collapse in oil prices, spurring the nation to reach agreements with its Caribbean allies that have accumulated debt under preferential financing with Petrocaribe. More…