NCB Capital Markets Limited Underwrites $700m Corporate Bond in Manufacturing Sector

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NCB Capital Markets Limited Underwrites $700m Corporate Bond in Manufacturing Sector

23 Feb 2024


Kingston, Jamaica – February 23, 2024: NCB Capital Markets Limited (NCBCM) is pleased to announce the successful closure of a $700 million Bond with Paramount Trading (Jamaica) Limited (Paramount). The announcement came at a recent signing of the Corporate Bond Agreement.
Angus Young, Chief Executive Officer, NCBCM, expressed confidence in Paramount’s vision and states, "This fully underwritten bond offer reflects our commitment to providing tailored financial solutions for our client’s success. It is a great way to start the New Year especially coming out of 2023, where there was a general slowing of capital markets activities and new issuances.” 
Young further indicated, “In 2024, we anticipate increased capital markets activity, and we are proud to lead the charge."
Despite market challenges in 2023, the manufacturing sector remained resilient with notable growth as highlighted in the Planning Institute of Jamaica’s Review of Economic Performance July - September 2023, where it is observed that ‘growth in the Manufacturing industry was estimated to be 3.2%, stemming from increased output in both the Food, Beverages & Tobacco and other Manufacturing sub-industries.’ 
The manufacturing sector was one of three sectors reporting real growth during the reporting period. 
In acknowledging its contribution to the performance of the manufacturing sector at the recent signing of the Bond Agreement, Hugh Graham, CEO, Paramount Trading (Jamaica) Limited noted, "We are excited about the strategic initiatives in our pipeline that will continue to fuel our performance. The raised funds will be used to refinance some maturing obligations, fuel our expansion plans - more specifically the upgrading of our refinery operations serving automotive lubricants segment of the business.”
Paramount Trading (Jamaica) Limited is a leading manufacturer and distributor of chemical raw materials to Jamaica’s market leaders— the food & beverage industry, construction, hospitality, the bauxite and mining industries, and is listed on the Junior Market of the Jamaica Stock Exchange.