FIXEDINCOME
QUASI-SOVEREIGN · USD · JAMAICA · SECURITY TEAR SHEET
KINAIR 6.75% Dec 2036
PAC Kingston Airport Ltd. (NMIA Concessionaire)
Quasi-Sovereign
Caribbean Infrastructure
High Yield
Senior secured notes of the concessionaire operating Norman Manley International Airport — Jamaica's capital-city airport. Smaller catchment than MBJ but strategically important to the island. Concession structure is analogous to MOAIRJ.
Buy
GKCM Recommendation
Key Terms
Coupon6.75%
Coupon Freq.Semi-annual
MaturityDec 12, 2036
Tenor Remaining10.4 yr
CurrencyUSD
TickerKINAIR
Issuer TypeQuasi-Sovereign
CountryJamaica
Key Strengths
- 01Concession monopoly on Kingston's primary international gateway
- 02Diaspora-driven traffic base (US, UK, Canada) is more resilient than pure leisure tourism
- 03USD revenue / USD debt structural FX match
- 04Long-dated concession extends well past the 2036 maturity
Key Risks
- 01Smaller passenger volumes than MBJ — thinner cash flow cushion
- 02Less tourism diversification; more exposed to Jamaica macro and emigration trends
- 03Lower rating and smaller issue size translate to thinner secondary market liquidity
- 04Hurricane and climate risk; aging terminal capex needs
GKCM View
Buy
Higher-yielding sibling to MOAIRJ. The 6.75% coupon out to 2036 offers a credible spread over MOAIRJ for the extra year of duration and credit step-down. Suitable for yield-hungry clients comfortable with smaller-issue secondary market liquidity. Position size accordingly.
— GKCM Fixed Income Desk · 2026-06-24
This tear sheet is prepared by GK Capital Management for informational purposes only and does not
constitute an offer or solicitation to buy or sell any security. Indicative metrics shown are subject to
change without notice. Credit ratings are sourced from public rating agency reports as of the publication
date and may have moved since. Past performance is not indicative of future results. Investors should
consult their advisor before transacting in any fixed income security.