The Government has issued the first ever Jamaican dollar-linked international bond.

The instrument is valued at $46.6 billion or US$300 million.

In a release last evening, Finance Minister Dr. Nigel Clarke said the bond issuance was oversubscribed 1.4 times, and represents a part of the second phase of a liability management operation.

He explained that the bond proceeds were used to buy back outstanding US dollar-denominated bonds, a feat which will reduce the Government’s exposure to foreign exchange risk.

Dr. Clarke, who dubbed the transaction a significant development, said it will pave the way for new possibilities for the country.

He said the bond enhances the country’s ability to diversify the Government’s funding sources.