THE Jamaica Stock Exchange’s (JSE) Bond Market platform has seen a significant increase in market interest over the last three years as listed bonds are now worth $21.05 billion and US$32 million ($5.098 billion).

Barita Investments Limited (BIL) is the latest company to list debt securities on the JSE, with the company issuing five tranches worth $4.74 billion on the JSE Bond Market and two tranches worth US$20 million ($3.186 billion) on the JSE USD Bond Market. These balances are greater than the $3.50-billion and US$17-million upsize targets that were mentioned in the company’s bond prospectus.

This listing pushed the number of listed instruments on the JSE Bond Market to 14 securities, while the JSE USD Bond Market now has three securities. The Barita tranches were listed at $1/US$1 compared to the $100/US$100 prices of the other securities listed on both bond markets.

“Let us continue to channel savings into productive investments while providing short, medium, and long-term funding. Let us continue to support Jamaican businesses with empowering visionary financial solutions. Barita Investments Limited remains resolute in its mission to create value, inspire confidence, build trust, and unlock new avenues for growth,” said Terise Kettle, senior vice-president of investment banking at Barita Investments at the June 24 listing ceremony.

A bond is simply a loan between two parties with an entity like a company borrowing money (issuer/borrower) and a party that lends the money (investor/lender). Bonds can be issued by companies, municipalities like New York City, or by a country. However, these fixed-income instruments tend to have higher barriers to entry for smaller investors, with the minimum investment amount sometimes being as low as $100,000 for highly rated debt securities or $10 million if you’re not an accredited investor.

The JSE relaunched its Bond Market in June 2013 and had its first listing in October 2013 when Access Financial Services Limited (AFS) listed a $102.50-million bond. The JSE Bond Market continued to gain more traction as several Main and Junior Market companies listed securities on that market. Although there were four securities on the market in 2019, that figure fell to two securities at the end of 2022 as companies/issuers found greater interest with the JSE Private Market. Caribbean Producers (Jamaica) Limited’s (CPJ) $500 million bond due in June 2023 and AFS’s $900-million bond due October 2025 were the remaining securities with a combined market value of $1.40 billion.

Mayberry Investments Limited (MIL) raised $6.38 billion across four tranches in January 2023 in what was the largest public bond offering on the JSE Bond Market. Its fellow subsidiary Mayberry Jamaican Equities Limited (MJE) then raised $3.375 billion in June 2024 before MIL raised $2.06 billion in August 2024. Public bond offerings have had minimum subscriptions sizes, such as $20,000 or $50,000, compared to private bonds.

The JSE’s 2024 annual report revealed that of the 10 new listings during 2024, four were on the JSE Bond Market and one on the USD Bond Market. The US$12-million bond issued by Express Catering Limited (ECL) in April 2024 was the first USD Bond Market listing. There were only two initial public offerings (IPO) for ordinary shares during 2024, while there were three preference share listings split between the main and USD market.

Even during 2025, there have been nine listings on the JSE Bond Market and two listings on the USD Bond Market compared to the sole IPO by Atlantic Hardware and Plumbing Company Limited (AHPC) on April 4. There were also two preference share listings by Sygnus Credit Investments Limited (SCI) on January 28. The last three additional public offerings (APO) have fallen below their base target.

The number of equity offerings declining relative to the increase in fixed income offerings can be seen as a side effect of the current interest rate environment. The Bank of Jamaica (BOJ) began cutting its policy rate from 7.00 per cent in August 2024 to 5.75 per cent on May 21. However, two-thirds or 74 out of 109 securities, were down during the first six months of 2025 as per the JSE’s June 2025 monthly statistics. 32 securities were up at that point while three held firm or unchanged.

Equity securities currently represent most of the JSE’s market demand, with Jamaican-dollar (JMD) stocks worth more than $1.7 trillion, while the USD stocks are worth more than US$900 million. There is currently no information on the activity of the JSE Bond Market, JSE USD Bond Market, or JSE Private Market in the monthly statistics publication. MJE tranche I is set to mature on July 28 with a face value of $996.46 million.

Barita will pay investors that own tranches of its publicly listed bond their first coupon/interest payment on August 26. Barita tranche I has a face value of US$10.22 million and a maturity date of June 2027; Barita tranche II has a face value of US$9.78 million and a maturity date of June 2028; Barita tranche III has a face value of $1.37 billion and a maturity date of June 2027; Barita tranche IV has a face value of $2.10 billion and a maturity date of June 2028; Barita tranche V has a face value of $695.08 million and a maturity date of June 2030; Barita tranche VI has a face value of $296.84 million and a maturity date of June 2032; and Barita tranche VII has a face value of $279.30 million and a maturity date of June 2035.