Infrastructure finance in the Caribbean has long carried outsized importance. In economies where a single project can transform connectivity, tourism, or trade, the scale of impact often rivals anything seen in larger Latin American markets.
In 2024, the region not only secured record-breaking volumes but also introduced structures that set new benchmarks for innovation. At the center of many of these transactions stood Citi, whose role in reshaping capital access across island economies earns it Infrastructure Bank of the Year for the Caribbean.
The bank’s prowess during the awards period was particularly evident in the Dominican Republic and Jamaica, where Citi delivered two landmark airport transactions and advised on a transformative acquisition that will ripple through the region’s construction sector.
The Dominican Republic, the Caribbean’s largest economy, continues to expand steadily, with GDP projected by the IMF to grow four percent this year. Airports, roads, and energy assets are critical to sustaining that trajectory, and Aeropuertos Dominicanos Siglo XXI (Aerodom), part of France’s Vinci Airports, turned to Citi in June 2024 for one of the largest private infrastructure financings in the nation’s history.
The $940 million bond-and-loan refinancing allowed Aerodom to restructure liabilities while funding expansion, including a new terminal at Las Américas airport in Santo Domingo. The project will increase passenger capacity by four million and strengthen the Dominican Republic’s role as a Caribbean hub.
Aerodom’s refinancing marked the largest transportation infrastructure bond in Latin America and the Caribbean since 2021, heralding a return to the 144A/Reg. S. market for the region’s airport issuers. The deal attracted more than $3 billion in orders from 172 investors during a five-day roadshow, nearly six times oversubscribed. Pricing ultimately landed 50 basis points tighter than guidance and just above Dominican sovereign levels, a sign of strong investor confidence. For the country, the deal reinforced its access to global markets and marked the twelfth Citi-led transaction in three years.
Citi’s regional influence also extended into the building materials sector. As financial advisor to Cementos Progreso, it supported the company’s $950 million acquisition of Cemex’s Dominican operations, a strategic move aligned with the island’s construction boom in energy, hospitality, and infrastructure.
In Jamaica, Citi’s innovative edge came into sharp focus with the $480 million Kingston Airport (KingAir) bond completed in September 2024. Structured around securitized revenues from Norman Manley International Airport, the deal created the first synthetic airport credit of its kind in Latin America and the Caribbean. The KingAir SPV was granted rights to 53% of gross revenues and issued senior secured notes rated one notch above Jamaica’s sovereign. Investors responded enthusiastically, generating a book of more than $2.5 billion—5.2 times oversubscribed. Citi provided a full suite of services: financial and ratings advisor, global coordinator, sole bookrunner, trustee, registrar, and paying and transfer agent.
For Jamaica, the transaction was transformative. It raised significantly more capital than sovereign borrowing alone would have allowed, while enabling the government to reduce debt-to-GDP and reinvest proceeds into roads through the SPARK program. By leveraging an essential infrastructure asset, Jamaica both funded development and advanced fiscal consolidation.
Taken together, Aerodom and KingAir illustrate the strengths of the bank’s infrastructure finance franchise in the region. What began as a specialized business has become an integrated platform for advisory, loans, securitizations, and capital markets issuance. In a volatile year for public debt markets, Citi consistently achieved strong outcomes, structuring transactions that drew heavy global demand across transportation, energy, renewables, and digital infrastructure.
Infrastructure Financing of the Year: Caribbean
Kingston Airport (KingAir)
$480m 6.750% senior secured notes due 2036
Project Name: Kingston Airport (KingAir)
Financing Structure: $480 million 6.750% senior secured notes due 2036
Issuer: Kingston Airport Revenue Finance Limited (KingAir)
Sponsor: Government of Jamaica
Global Coordinator, Initial Purchaser, Financial Advisor: Citi
Issuer’s Counsel: Paul Hastings; Attorney General’s Chambers
Initial Purchaser’s Counsel: Milbank
Cayman / Local Counsel: Maples; Patterson Mair Hamilton; Stuarts
Agency/ Trust Counsel: Mintz
All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email awards@latinfinance.com