VM Investments Limited (VMIL) saw its bond offer attract $6.6 billion, surpassing its $5.4-billion target by $1.2 billion. The offer, which closed on January 10 after an extension to meet demand, attracted strong interest from investors.

The bond, launched in late 2024, featured three tenors with competitive yields: 10.75 per cent for 18 months, 11.00 per cent for 24 months, and 11.25 per cent for 36 months. The structure appealed to both institutional and retail investors, underscoring market confidence in VMIL. VM Wealth Management, a subsidiary of VMIL, acted as the sole broker and arranger.

VMIL announced the allotment basis on Monday, confirming full allocations for Tranches D and F. Investors in Tranche E will receive full allotments up to $5 million and 63.5 per cent of subscriptions exceeding that amount.

“The overwhelming response confirms VMIL’s position as a trusted leader in Jamaica’s financial market,” said Dwight Jackson, assistant vice-president of capital markets at VM Wealth Management. He attributed the success to attractive rates, short tenors, and VMIL’s reputation for reliability.

Proceeds from the bond will fund strategic initiatives, including debt refinancing, capital support for SMEs, short-term bridge financing backed by securities, and investments in real estate.

Closing the offer during the festive season highlights the resilience of VM Wealth’s team, Jackson added. He emphasised that the achievement reflects VMIL’s strong market position and the enduring strength of the VM brand as it prepares for strategic growth in 2025.