Jamaica Swap Tops 90%

Jamaica’s government says it received submission forms from holders representing more than 90% of the domestic government bonds eligible for its debt exchange. The government also has set 1300 local time February 3 as the new deadline, after announcing a postponement Wednesday to give the island’s financial institutions more time to prepare. In the swap, it is asking holders of JAD700bn ($7.86bn) in some 350 different bonds to exchange for new securities with longer tenors, on a 1-for-1 basis. The expected settlement date for the transaction remains February 16, the government says. Citi is managing the process. February 3 is also the date Jamaica’s request for a $1.3bn 27-month IMF standby agreement will go to the multilateral’s executive board.