JN Fund Managers Limited has successfully raised $1.4 billion with the issue of two fixed rate notes to a combination of institutional and accredited investors in the local capital market.

The funds were raised in two tranches — an $800 million offer of a two-year Note with a coupon rate fixed at 6.25 per cent and a $600 million offer of a 5½ year Note which was upsizable to $1billion.

The first tranche was fully subscribed. Meanwhile, JN Fund Managers received a take up of $669 million in the second tranche.

Allan Lewis, managing director of JN Fund Managers, described the successful offer as providing “confirmation of the market's confidence in the team at JN Fund Managers”.

Dylan Coke, deputy general manager, Investment Banking, who coordinated the issue, noted that the “successful issue will provide JN Fund Managers with resources to facilitate the continued growth of the company.”

JN Fund Managers, a licensed securities dealer, is the wealth management subsidiary of The Jamaica National Group and its principal activities include asset management, including the JN Mutual Funds, pension fund administration and investment banking. JN Fund Managers is also a member of the Jamaica Stock Exchange.