FixedIncome - MOAIRJ 6.60% Jun 2035

MOAIRJ 6.60% Jun 2035

MBJ Airports Ltd. (Sangster Int'l Concessionaire)

Quasi-Sovereign Caribbean Infrastructure High Yield

Senior secured notes issued by MBJ Airports Limited, the concessionaire operating Sangster International Airport — Jamaica's primary tourism gateway handling 4–5 million+ international passengers per year. A long-dated concession agreement with the Airports Authority of Jamaica underpins the credit structure.

Buy

GKCM Recommendation

Key Strengths

01Monopoly concession asset — Jamaica's #1 tourist arrival point
02USD revenue base (international passenger fees, retail concessions) — natural FX match for USD debt
03Robust post-COVID tourism recovery; structural growth in Caribbean travel
04Secured structure with reserve accounts and concession ring-fencing

Key Risks

01Travel-cycle sensitivity (recession, fuel costs, pandemic-style shocks)
02Hurricane and climate event risk to the physical asset
03Concession renegotiation and regulatory risk over a long tenor
04Sub-investment grade rating limits the institutional buyer base

GKCM View Buy

Best-in-class Caribbean infra credit for USD income seekers. The 6.60% coupon at a ~9–10yr duration is compelling versus JAMAN sovereign for credit-aware buyers willing to take concession-asset risk for incremental spread. We recommend pairing with JAMAN for a balanced Jamaica-exposure book.

— GKCM Fixed Income Desk · 2026-06-24

Credit Ratings

S&P BB+ HY

DIG →AAA

Moody's Ba1 HY

DIG →AAA

Fitch —

Composite HY · 64.0

Tenor Remaining

8.9 years

TodayJun 2035

Quick Facts

SectorCaribbean Infrastructure
Maturity Bucket7–12 yrs
RatingsS&P BB+ | Moody's Ba1
Rec. Date2026-06-24

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.