US$800M more debt as GOJ bond is oversubscribed by 700%, what’s the big deal !

The GOJ is praising itself and is suggesting that its most recent bond offer, which was said to have been oversubscribed by 700%, is a ringing endorsement of the country financial situation by the international bond market.

The GOJ we are told, went to the market to get US$500M and got offers totalling US$3.5B, which means the offer was oversubscribed by 700%. So pleased was the Minister of Finance  with the response of the market, he raised the offer to US$800M.

So what does this all mean, given the country continues to borrow money with little or no growth to make payments in the future?

Should we cry or should we be celebrating ?

You decide

http://www.bloomberg.com/news/2014-07-01/jamaica-said-to-sell-800-million-in-first-bond-sale-since-2011.html