IMF Assistance: No Turning Back Now

Jamaica's much-talked-about return to the IMF for a US$1.2bn Stand By Agreement is proceeding, albeit at a slower pace than originally envisaged. Judging by the latest signals we believe a deal could be clinched sometime in November. And, while it has largely been priced in by the markets already, we would not be surprised if the ensuing relief set up some further short-term upside for the country's sovereign bonds, particularly against the backdrop of resurgent global risk appetite.

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