Oppenheimer Commends Jamaica on “Stellar” 2014

Managing Director of Oppenheimer and Company Inc., Gregory Fisher, says Jamaica had a “stellar” year in 2014 and has lauded the Portia Simpson Miller-led administration for the economic gains achieved under the Economic Reform Programme (ERP).

He was addressing the Jamaica Stock Exchange’s (JSE) 10^th regional conference on Investments and the Capital Markets held recently, at the Jamaica Pegasus Hotel in New Kingston.

Mr. Fisher noted that last year, the country raised US$800 million on a ten-year bond issue, which is trading at a healthy premium.

The head of the United States-based investment firm further pointed out that Jamaica was among the best performing countries in the emerging markets, with a 21.2 per cent return on its bond index.

He said that Jamaican bonds are now trading at lower yields than other countries in the region. “If you invested in Jamaica in 2014, you were handsomely rewarded,” he stated.

Mr. Fisher credited the positive developments to Government’s ongoing diligence under the ERP, which is backed by the International Monetary Fund (IMF).

He said that while initially, there was some skepticism regarding the country’s ability to stay on track, as each quarter passed with targets being met, the process of rebuilding credibility with the global market place, and with the rating agencies have been greatly accelerated.

He noted that “even though the choices made were very painful and they were not fun, they were indeed necessary if Jamaica were to finally embark on a path towards growth and prosperity,” and commended the Prime Minister “for a job well done”.