NCB Capital Markets Limited (NCBCM) has successfully closed the NCB Financial Group Limited (NCBFG) bond offer, attracting approximately J$11.06 billion in subscriptions against an initial target of J$6.80 billion, with the option to upsize the offer to J$10.21 billion.

Subscriptions exceeded the initial target by approximately 62.5 per cent, with participation from both corporate and retail investors. Following the allocation process, NCBFG exercised its option to upsize the offer, with approximately J$10.21 billion ultimately allocated to investors.

The bond comprised three Jamaican-dollar senior unsecured corporate bond tranches, with tenors of 18 months, three years and five years. Tranche A carries a coupon of 7.25 per cent per annum and matures on January 31, 2028; Tranche B carries a coupon of 8.50 per cent per annum and matures on July 31, 2029; and Tranche C carries a coupon of 9.50 per cent per annum and matures on July 31, 2031. Interest is payable semi-annually, with principal repayable in full at maturity. Proceeds from the bond were used for debt refinancing.

NCBCM served as Lead Arranger and Broker for the transaction, leading its execution through to successful close and allocation.

Angus Young, CEO of NCB Capital Markets Limited and EVP, Corporate & Investment Banking at National Commercial Bank Jamaica Limited, said the response underscores both the depth of Jamaica’s domestic capital market and the expertise required to execute transactions of this scale.

“The response demonstrates the depth of capital available in Jamaica and the appetite among investors for well-structured opportunities,” Young stated. “Transactions of this scale demand deep market expertise and disciplined execution, and our Investment Banking team has demonstrated its ability to structure and execute complex transactions successfully. I’m proud of what the team has delivered.”

The successful close comes amid continued activity in Jamaica’s capital market, as companies and institutions utilise the market alongside traditional financing channels to meet their funding requirements.

The offer was executed as a private placement under the Financial Services Commission’s (FSC) exempt distribution framework for highly rated debt securities. The offer opened on June 29, 2026, closed on July 30, 2026, and the bonds were issued on July 31, 2026.

For NCBCM, the bond offer adds to a series of capital market transactions executed by the firm and demonstrates its role in connecting issuers seeking capital with investors seeking opportunities in the local market.