In the midst of the changing of the guard at the Bank of Jamaica (BOJ) and the reports on the performance of the local economy, something important happened recently in Jamaica’s bond market. The government offered investors a 20-year Jamaican-dollar bond carrying an 11.25 per cent coupon. It sought J$5 billion. Investors submitted bids for only about J$3.5 billion. Ultimately, the government accepted approximately J$2.9 billion. In other words, even at 11.25 per cent, the issue was undersubscribed.