The Central Bank of The Bahamas - Latest News - https://www.centralbankbahamas.comLatest NewsThyme Online Feeder 1.0en-usBahamas Registered Stock Secondary Market Offering Prospectus - August 2019https://www.centralbankbahamas.com?cmd=view&id=16602

Secondary Market Release Term Sheet

Bahamas Registered Stock 2025

Terms Released: 16 August 2019

Security Details Secondary Market Details
Security Type: Bond Amount Released: $4,470,000
Security ID: BGR105025 Release Opens: 22 August 2019 (9:30 a.m.)
Issuer: Bahamas Government Release Closes: 23 August 2019 (3:00 p.m.)
Registrar: Central Bank of The Bahamas Value Date: 26 August 2019
Issue Date: 25 July 2016 Last Interest Payment: 25 July 2019
Maturity Date: 25 July 2025 Days Interest Due: 32
Original Tenor: 9 Years Accrued Interest per Bond: $0.385753
Coupon: 4.40% Price per Bond: $103.8691
Calendar: Actual/365 Price Date: 15-Aug-19
Interest: Semiannually Face Value: $100
Unit: $100 Yield: 3.67%
Minimum Purchase: 1 Unit ($100)

The security's offering's allocation will be on a "first come, first serve" basis.
The Central Bank reserves the right to offer additional securities for sale in the event of an oversubscription.

Example

You buy 100 bonds ($10,000 face value)
Step 1: Calculate accrued interest (100 bonds x $0.385753 = $38.58)
Step 2: Calculate principal cost (100 bonds x $103.8691 = $10,386.91)
Step 3: Calculate total due ($38.58 + $10,386.91 = $10,425.49)

Secondary Market Release Term Sheet

Bahamas Registered Stock 2027

Terms Released: 16 August 2019

Security Details Secondary Market Details
Security Type: Bond Amount Released: $3,810,800
Security ID: BGR120027 Release Opens: 22 August 2019 (9:30 a.m.)
Issuer: Bahamas Government Release Closes: 23 August 2019 (3:00 p.m.)
Registrar: Central Bank of The Bahamas Value Date: 26 August 2019
Issue Date: 15 December 2017 Last Interest Payment: 15 June 2019
Maturity Date: 15 December 2027 Days Interest Due: 72
Original Tenor: 10 Years Accrued Interest per Bond: $0.950795
Coupon: 4.82% Price per Bond: $104.2767
Calendar: Actual/365 Price Date: 15-Aug-19
Interest: Semiannually Face Value: $100
Unit: $100 Yield: 4.21%
Minimum Purchase: 1 Unit ($100)

The security's offering's allocation will be on a "first come, first serve" basis.
The Central Bank reserves the right to offer additional securities for sale in the event of an oversubscription.

Example

You buy 100 bonds ($10,000 face value)
Step 1: Calculate accrued interest (100 bonds x $0.950795 = $95.08)
Step 2: Calculate principal cost (100 bonds x $104.4.2767 = $10,427.67)
Step 3: Calculate total due ($95.08 + $10,427.67 = $10,522.75)

Secondary Market Release Term Sheet

Bahamas Registered Stock 2036

Terms Released: 16 August 2019

Security Details Secondary Market Details
Security Type: Bond Amount Released: $2,185,600
Security ID: BGR109036 Release Opens: 22 August 2019 (9:30 a.m.)
Issuer: Bahamas Government Release Closes: 23 August 2019 (3:00 p.m.)
Registrar: Central Bank of The Bahamas Value Date: 26 August 2019
Issue Date: 3 October 2016 Last Interest Payment: 3 April 2019
Maturity Date: 3 October 2036 Days Interest Due: 145
Original Tenor: 20 Years Accrued Interest per Bond: $2.145205
Coupon: 5.40% Price per Bond: $104.5464
Calendar: Actual/365 Price Date: 15-Aug-19
Interest: Semiannually Face Value: $100
Unit: $100 Yield: 5.00%
Minimum Purchase: 1 Unit ($100)

The security's offering's allocation will be on a "first come, first serve" basis.
The Central Bank reserves the right to offer additional securities for sale in the event of an oversubscription.

Example

You buy 100 bonds ($10,000 face value)
Step 1: Calculate accrued interest (100 bonds x $2.145205 = $214.52)
Step 2: Calculate principal cost (100 bonds x $104.5464 = $10,454.64)
Step 3: Calculate total due ($214.52 + $10,454.64 = $10,669.16)

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DEADLINE EXTENSION: Request For Proposal (RFP) Enterprise-Wide Application Approval Solutionhttps://www.centralbankbahamas.com?cmd=view&id=16601The Central Bank of The Bahamas (the Bank) is requesting proposals from qualified firms to provide a turnkey, fully functional and integrated online application approval solution to be utilized by several departments within the organization. This project is intended to provide a holistic and transformative solution to assist the Bank with modernizing its services delivery. The selected bidder must deliver a comprehensive solution that allows the Bank to provide a convenient, user-friendly method for institutions and individuals to submit applications to, collaborate and communicate with, and receive approvals from the Bank. An electronic copy of the bid must be emailed to tenders@centralbankbahamas.com by 4:00pm (EDT) on August 23, 2019. The Bank reserves the right to accept or reject any and all bids. For further reading, please view the download. https://www.centralbankbahamas.com?cmd=view&id=16601Results of Treasury Tender August 2019https://www.centralbankbahamas.com?cmd=view&id=16600Results of Treasury Tender August 2019https://www.centralbankbahamas.com?cmd=view&id=16600Bahamas Registered Stock Repricing August 2019https://www.centralbankbahamas.com?cmd=view&id=16599Bahamas Registered Stock Repricing August 2019https://www.centralbankbahamas.com?cmd=view&id=1659936th Annual Art Competition and Exhibition, 2019 - Open Categoryhttps://www.centralbankbahamas.com?cmd=view&id=1659836th Annual Open Category Competition & Exhibition The Central Bank of The Baha mas is proud to announce the 36th Annual Open Category Competition and Exhibition to be held from Thursday, October 3 to November 1, 2019. The objectives of the competition are to identify, recognise, and encourage Bahamian visual artists. Requirements for participation:
Participants must be citizens of The Bahamas, aged 18 (as of October 3, 2019) or older, and not registered in a secondary school. Theme:
My favourite things - from Hammerstein to John Coltrane to Mary J. Blige How one song can influence a creative process. Quantity:
Each artist must submit one (1) work in one of the following media: Painting • Sculpture • Drawing • Print • Photography • Collage • Film/Video • Digital Media
Submissions have to be accompanied by a brief portfolio (pdf). Guidelines:
The entries must meet the following requirements:
1. Each entry must be the authentic work of the participating artist.
2. Artists are encouraged to submit original works completed within the year.
3. Artists must demonstrate individualism, imagination in concept and in skillful use of materials.
4. Sculptures must be free-standing or mounted on appropriate bases.
5. Paintings and drawings must be properly presented, and may be framed, or the artist may choose to omit framing as a part of the creative process. However, some works, such as colour pencil art, must be framed so as to display in the gallery space. All two-dimension al works must have screw eyes and hanging wire installed when submitted.
6. All work must be appropriate for placement within the Gallery space. There are no restrictions in size. However, works deemed too large or cumbersome to install may not be accepted for exhibition. Works improperly prepared for display may be disqualified from thecompetition.
Conditions:
1. All exhibited artworks shall remain in the custody of the Bank for the entire period of the exhibition.
2. The winning entry will become the property of the Bank, as part of its permanent collection.
3. Although the Bank will take every precaution to ensure the safety of artworks on display, the Bank will not be responsible for loss or damage on its premises, except, at the discretion of the Bank, when suchloss or damage is evidenced as the direct result of a malicious act by the Bank.
4. Participants, therefore, enter this competition in agreement that the Central Bank of The Bahamas be allowed to display winning pieces in any forum, including, but not limited to, electronic media.
5. Artists must indicate whether they wish to sell their work, and to submit a suggested price.
6. Pricing of entries cannot exceed $7,500.
7. All sales by the Bank, on behalf of artists, will be considered binding.
8. All works must be collected within ten (10) days after the exhibition's end. Works not collected will become part of collection of the Central Bank of The Baha mas or disposed of.
9. All persons collecting works must present a photo ID and sign for the receipt of work (s).
Judging and Awards:
1. A panel of judges under former Central Bank curator Antonius Roberts will select the winning entry. The winning entry will receive an award of $7,500. Judges may select up to two honourable mentions from among the entries.
2. In addition, the winner will receive a solo exhibition at The Central Bank Art in 2020.
3. Qualities such as originality of expression, individualism, creative use of materials, and presentation are among some of the criteria considered. The judges reserve the right to disqualify any entry, where there is doubt as to authenticity.
4. All work submitted within the guidelines will be judged. Artists whose work are NOT accepted tobe included for exhibition will be notified after the jury selection and expected to collect their work within ten days of notification.
5. Winning entries will become the property of the Bank Participants, therefore, enter this competition in agreement that the Bank be allowed to display winningpieces in any forum, including, but not limited to, electronic media. All other entries may be offered for sale during the exhibition.
Application and entry submission:
1. Entry Forms are available at the Bank or its website (centralbankbahamas.com).
2. We propose that all applications and proposals be emailed prior to the delivery of the entries. Emails should be sent to curator@centralbankbahamas.com.
3. The deadline for submitting applications and entries to the Central Bank of The Bahamas is no later than Monday. September 23rd 2019. at 5:00 PM.
4. Late entries will NOT be accepted.
5. The Awards Presentation and Grand Opening Ceremony will take place on Thursday, October 3, 2019, at 6 pm. Invitations will follow.
6. In addition, a separate digital photograph for each entry should be submitted to the same email address. The digital image should be in JPG format, with the file names consisting of the full name of the artist followed by the title of the work and the date of submission.
Please note that the Central Bank of The Bahamas under the advisement of the curator, reserve the right to disqualify any submissions in violation of these guidelines or offensive in content
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Bahamas Registered Stock Initial Public Offering August 2019https://www.centralbankbahamas.com?cmd=view&id=16596

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2029, 2039 AND 2049 ISSUE OF B$50,000,000
ISSUED UNDER THE BAHAMAS REGISTERED STOCK ACT

Prospectus Date: July 31, 2019

Issuer: Bahamas Government Open Date: August 12, 2019 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: August 14, 2019 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: August 16, 2019
First Int Pmt: January 15, 2020 (short)
Calendar: Actual/365
The Central Bank of The Bahamas will not accept applications after 3:00 p.m. each day.
Security ID Issue Size (B$) Unit Share (B$) Tenor (Years) Interest (Fixed) Maturity Interest Payment
BGR131129 2,000,000.00 100 10 4.68% July 15, 2029 Semi-annual
BGR131139 18,000,000.00 100 20 5.14% July 15, 2039 Semi-annual
BGR131149 30,000,000.00 100 30 5.60% July 15, 2049 Semi-annual
50,000,000.00

Payments: Subscription amounts should be made electronically or via bank draft, payable to the Central Bank of The Bahamas only. CASH PAYMENTS WILL NOT BE ACCEPTED.
Requirements: (1) Bahamian E-Passport; or (2) NIB Smart Card paired with one of the following: Bahamian Driver's License, National Identity Card, Permanent Residence Permit, other National Passport, or Spousal Permit. New Business customers must present a list of its authorized signatories along with Memorandum/Articles of Association.
Refunds: Refunds will be made within three business days following the closing date. No interest will be paid on amounts refunded.
Certificates: Results will be made available on the Central Bank's website, and successful applicants can collect their certificates from the Central Bank 30 calendar days following settlement.
Allocation: Securities will be awarded in accordance with the Central Bank's priority level allocation process, with priority given to individual applications in amounts up to $250,000. All other applications-individuals greater than $250,000 and institutions-will be classified as Priority Level 2 and may result in a proration in the event of an oversubscription.
Application forms may be obtained from the Central Bank of The Bahamas' offices in Nassau and Freeport or from the Central Bank's website at www.centralbankbahamas.com. Additional details are also available on the website.
https://www.centralbankbahamas.com?cmd=view&id=16596
BAHAMIAN DOLLAR TREASURY BILL TENDER RATES AS AT JULY 25, 2019https://www.centralbankbahamas.com?cmd=view&id=16595
91-day Treasury Bills 182-day Treasury Bills
Price Rate Price Rate
Highest Tender (Accepted) 99.6200 1.5200% 99.1200 1.7600%
Lowest Tender (Accepted) 99.5800 1.6800% 99.0000 2.0000%
Avg. Tender/Avg. Discount 99.5950 1.6200% 99.0973 1.8054%
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Financial Stability Report December, 2018https://www.centralbankbahamas.com?cmd=view&id=16594The Central Bank of The Bahamas (the Bank), as part of its mandate to promote the stability of the financial sector, along with its associated regulators, the Securities Commission and the Insurance Commission, developed this report which seeks to provide an overview of key developments within the financial sector and an assessment of the underlying risks to financial stability. For full text reading, please click on the document below. https://www.centralbankbahamas.com?cmd=view&id=16594Monthly Economic and Financial Development, June 2019https://www.centralbankbahamas.com?cmd=view&id=16593

Domestic Economic Developments

Overview According to preliminary data, the modest-paced improvement in the domestic economy was sustained over the review period, with tourism sector output remaining buoyant, as evidenced by the continued record growth in high value-added stopover arrivals. In addition, ongoing small and medium-scale foreign investment projects undergirded construction sector activity. Monetary sector developments featured an expansion in bank liquidity, owing mainly to an increase in Central Bank financing to the Government, while the seasonal rise in foreign currency demand led to a decline in external reserves.

Real Sector

Tourism Indications are that the tourism sector continued to strengthen during the review period, reflecting the gains in the high value-added stopover segment of the market. Based on the latest data from the Ministry of Tourism (MOT), total visitor arrivals rose by 17.8% in May, outstripping the 6.6% improvement recorded in the prior year. Specifically, air arrivals firmed by 16.6%, following an 18.9% expansion in 2018, while the growth in the sea component accelerated to 18.3% from 2.6%. A breakdown by island, showed that arrivals to New Providence rose by 11.8%, a turnaround from the 3.0% reduction recorded in 2018, with a 20.2% strengthening in the air segment. In addition, sea passengers reversed to a moderate gain from the prior year's contraction. Further, total arrivals to the Family Islands advanced by 33.3%, extending the 25.1% growth recorded a year ago, with the key Eleuthera and Abaco markets anchoring the gains in air arrivals. In contrast, the growth the Grand Bahama market slowed to 7.2% from 21.8% in the prior period, with the contraction in air traffic partly offsetting the expansion in sea arrivals. A longer-term analysis showed a sustained improvement in the tourism sector over the five-month period, buoyed by the increase in room capacity. Total arrivals firmed by 13.2%, outstripping the 3.1% increase recorded during the same period last year, as gains in the air segment quickened to 17.5% from 15.0%, while sea arrivals rebounded from a marginal 0.2% contraction in the prior period, to an 11.8% improvement. A breakdown by market, showed robust growth in visitors to New Providence by 23.4%, while a smaller increase of 6.3% was reported for the Family Islands. In contrast, total arrivals to Grand Bahama fell by 16.5%, amid reductions in both the air and sea segments, attributed in part to declining calls to the island by large cruise ships. Buoyed by the robust gains in stopover visitors, data from The Bahamas Hotel & Tourism Association (BHTA) and the MOT for the month of May, showed improvements in the key performance indicators for the hotel sector. Specifically, room revenue firmed by 26.0%, as the average daily room rate (ADR) rose by 6.6%, year-on-year, to $237.93 and the average occupancy rate increased by 9.1 percentage points, to 72.6%, while the number of room nights sold advanced by 18.0%. Similar developments were noted over the January to May period, with the number of room nights sold firming by 21.0%, contributing to the 11.3 percentage point strengthening in the average occupancy rate to 76.8%. In addition, amid a 9.9% expansion in the ADR to $288.08, total room revenue advanced by 33.0%. Initial indicators for June showed that the positive trends in the industry were sustained, as data from the Nassau Airport Development Company Ltd. (NAD) revealed that total departures--net of domestic traffic--increased by 16.9%, extending the 10.9% growth in the prior year. Specifically, the expansion in the dominant U.S. component accelerated to 18.8% from 8.8%; however, accretions to the non-U.S. departure segment decelerated to a mere 1.8% from 31.4%. Over the first six months of the year, aggregate departures firmed by 19.4%, extending the 12.4% expansion recorded for the corresponding period of 2018, as the U.S. segment strengthened by 21.1%, outpacing the 11.6% increase recorded in the prior year, while non-U.S. departures increased by 10.0%, a slowdown from the previous period's 17.2% expansion. The latest data from AirDNA showed that part of the improvement in stopover arrivals was attributed to the sustained growth in the short-term rental market. Total room nights sold increased by 33.4% in June over the same period of 2018, with bookings for both "hotel comparable" and "entire place" listings advancing during the month. Moreover, an analysis of the major markets revealed gains in bookings for the key markets of Exuma, New Providence, Abaco, and Grand Bahama of over 30% each. In contrast, the ADR for both the "hotel comparable" and "entire place" segments contracted by 17.2% to $147.29 and by 7.9% to $402.32, respectively, as broad-based declines were reported across all major destinations, due in part to the addition of lower priced listings. For full text reading, please download the attached document.
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MPC Press Briefing Remarks by Governor John Rollehttps://www.centralbankbahamas.com?cmd=view&id=16592Welcome to the Central Bank's quarterly economic briefing. These coincide with the conclusion of our monthly Monetary Policy Committee meeting, which assess whether, given trends and the outlook, any adjustments are necessary to policies affecting money and credit trends, and whether the outlook for the external reserves are within the safe bounds that would uphold the value of the Bahamian currency. This quarter the Central Bank also relaunched its survey on current business conditions. Today, the Central Bank is also publishing its latest financial stability report. Overall, the indicators continue to show strengthening in the Bahamian economy since 2018. This mainly reflects growth in stopover tourism. While the showing in the vacation rental market is a strong factor, improvement in the hotel segment was the most dominant factor. In particular, the industry absorbed the room capacity boost from Baha Mar, both increasing the average room occupancy rates and securing higher average daily room rates. The 2020 outlook is for further growth in tourism, but at a slower pace, since hotel room inventories will not increase by the same magnitudes as in the past 12 months. A steady, modest inflow of foreign investments is also providing economic stimulus, particularly to construction. Most of these investments are occurring in the tourism sector, in resort and residential facilities and in cruise-line attractions. The foreign exchange sector activities, just mentioned, have had positive impact on financial sector indicators and the strength of The Bahamas' external reserves. Seasonal growth in the reserves in the first half of 2019 was at double the pace of gains recorded in the first half of 2018. At the end of June, the external reserves were just above $1.5 billion, very close to the same level as in 2018. Driving this performance, there was a more than doubling in the net amount of net foreign exchange purchased by commercial banks from the private sector, that were subsequently sold to the Central Bank. A part of this though, was also that the private sector's spending on imports appeared to be reduced in comparison to 2018. The subdued spending on imports would have reflected continued reduction in total credit to the private sector, which is an important financer of imports. Another probable factor, not directly measured, was that the VAT rate change increased the cost of imports. The constrained lending environment is a continued reflection of the high rates of credit delinquencies from which commercial banks are recovering. The Central Bank is prompting these institutions to take more aggressive steps to reduce the delinquency rate, making their balance sheets stronger, much faster, before another recession happens. This would include approaches such as recognition of higher losses on loans that are in default; taking more discounted views on the value of foreclosed mortgaged properties, and taking more persistent efforts to selloff repossessed properties. Turning to the outlook, beyond the ever present risks from severe hurricanes, uncertainties from ongoing international trade disputes and the Brexit challenges facing Europe, the Bahamian economy is expected continue to grow over the next few years. The domestic banking sector will continue to experience high levels of liquidity, and the foreign reserves of the central bank are expected to continue increase at a mild pace. When the medium-term credit delinquency rates are taken into account, the Banking sector is only expected to begin to recover its total lending to the private sector at a gradual pace. Taking this assessment into account, the Central Bank has decided to maintain its accommodating posture for private sector credit growth. Our posture, however continues to assume sustainable outcomes in how large public and private sector financing operations are executed. For large scale transactions, either involving debt or equity operations, a prudent inclusion of foreign currency flows would be essential so as not to divert Bahamian credit from households and the smaller commercial borrowers. Our financial stability report, being released today, also puts some focus on the sustainability of monetary policies. We note that there are no pressing risks to financial stability, but there are vulnerabilities that need to be tackled. One is the Central Bank's assessment that it is in the Bahamas' interest to manage a gradual reduction in surplus capital from within the banking system. Capital levels are comfortably in excess of our minimum requirements and more than adequate to absorb extreme, surprise loses that the average bank might encounter from severe shocks. Continuing to tolerate such excesses, in the Central Bank's view, would only increase the medium-term likelihood that lending institutions would take on riskier activities to generate comfortable returns on these surpluses. Unwinding would involve a multi-year outflow of dividends by foreign banks that must be factored into our projections for healthy external reserves balances. At the same time the Central bank is tasked with managing a gradual reduction in bank liquidity, as these surpluses could potentially fuel too rapid a pace of credit growth in the future, which could eat into the external reserves. Our stated approach is to continue to selloff the Central Bank's holding of Government debt, which would reduce the excess liquidity in the system. Also, we continue to progress the establishment of the credit bureau that would generate information to help banks make sound lending decisions. Returning to the economic assessment, the Central Bank's latest of survey of business conditions, uncovered varied feedback from the private sector on how the economy performed in recent months. Most surveyed business noted higher cost in their operations but stable to improved operating conditions. The outlook held by most firms was for stable to further improved conditions over the remainder of 2019, with lowered inflation expectations, and healthier employment outcomes than in the first half of 2019. The Central Bank continues to monitor the economic environment, and will adjust its policy stance as necessary, in the interest of preserving the Bahamian dollar fixed exchange rate arrangements and managing financial stability risks. https://www.centralbankbahamas.com?cmd=view&id=16592