Wooing the Europeans
Wall Street is wary of Jamaica, but not its counterpart in Europe. Retail investors are snapping up Jamaica's bonds - and clamoring for more.
|Positive spin on an
Bankers and investors all have a Jamaica story to tell. Like
the one when Omar Davies, then finance minister, gave a talk in
New York a few years ago. "They threw up some graphs showing a
breakdown of exports, this much coming from bauxite and so on,"
recalls one syndicate manager. "Then he said, with a completely
straight face, that the remaining percentage was from
"non-traditional' exports. Everyone completely lost it and fell
out of their chairs. He just smiled."
Although US investors enjoy his dry humor, Davies has fought
an uphill battle to sell them on Jamaica's recovery story.
Instead, the Caribbean country has found a rich and loyal group
of European retail investors - all those fabled
dentists - who are throwing hundreds of millions of euros
Jamaica has been able to raise ?400 million in the year
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