FESCO raises J$600 million bond as Bank of Jamaica injects US$30 million into forex market

Future Energy Source Company, trading as FESCO, has raised J$600 million on Jamaica's local bond market to pay down debt and support expansion, as the Bank of Jamaica moved on Thursday morning to steady the exchange rate with a US$30 million injection into the foreign exchange market.

The four-year corporate bond is set to mature in 2030. NCB Capital Markets arranged the issue, with JCSD Trustee Services acting as trustee. FESCO operates a chain of retail fuel stations marketing and distributing petroleum products, including liquefied petroleum gas, through branded company-operated and dealer-operated service stations, LPG filling plants, and retail and depot locations across Jamaica.

Richard Samos, assistant vice-president for origination and structuring at NCB Capital Markets, said: "We are proud to partner with ambitious Jamaican businesses like FESCO, leveraging the depth of our expertise and underwriting capacity to deliver financing solutions that help them achieve their long-term goals and create lasting value."

Demand for foreign exchange outpaced the amount supplied. The central bank received 48 bids from commercial banks and cambios valued at US$83 million but accepted only 16 bids totalling US$30 million, leaving excess demand of US$53 million. Bids included US$6 million from Barita Investments, US$5.6 million from JMMB Securities, and US$4 million from NCB.

For the trading session of June 25, 2026, Dolla Financial Services Limited was the most actively traded security with 15,320,713 units, representing 28.17% of market sales activity. Key N Tie Holdings Jamaica Limited followed with 11,869,111 units, or 21.83%, and TransJamaican Highway Limited recorded 9,647,678 units, or 17.74%. Investor activity remained concentrated in transportation and distribution plays, signalling continued interest in dividend-producing and strategic assets.

Foreign exchange data for June 25 showed strong demand across major currencies. The US dollar sold at J$157.70 and bought at J$156.55. The Canadian dollar sold at J$111.99 and bought at J$110.82, with transaction spreads of J$1.17. The British pound sold at J$207.64 and bought at J$206.60, as continued volatility offered banks short-term trading opportunities with J$1.04 spreads.