The Central Bank of The Bahamas - Latest News - https://www.centralbankbahamas.comLatest NewsThyme Online Feeder 1.0en-usBahamas Registered Stock Secondary Market Prices November 2019https://www.centralbankbahamas.com?cmd=view&id=16642Bahamas Registered Stock Secondary Market Prices November 2019https://www.centralbankbahamas.com?cmd=view&id=16642New Gold Proof Coins Releasehttps://www.centralbankbahamas.com?cmd=view&id=16641The Central Bank of The Bahamas is pleased to release its numismatic coins on 3rd December 2019. Rack Card - December 2019https://www.centralbankbahamas.com?cmd=view&id=16641Deadline Extension: RFP2019010 - Enterprise Resource Planning Solutionhttps://www.centralbankbahamas.com?cmd=view&id=16640Deadline Extension: RFP2019010 - Enterprise Resource Planning Solution Please note that the deadline has been extended to November 21, 2019.https://www.centralbankbahamas.com?cmd=view&id=16640Monthly Economic and Financial Development, September 2019https://www.centralbankbahamas.com?cmd=view&id=16639Domestic Economic Developments Overview Domestic economic developments for the month of September were dominated by the passage of Hurricane Dorian, which resulted in a falloff in tourism relative to an average monthly strengthening during the first eight months. Nonetheless, positive impulses to construction output from foreign direct investment projects were sustained, with contributions from the domestic sector likely to increase as post-hurricane rebuilding efforts intensify. Further, domestic inflation firmed in the twelve months to July, reflecting the pass-through effects of the previous-year's increase in the value added tax (VAT) rate. In the monetary sector, bank liquidity expanded during the review month, as the rise in total deposits outpaced the growth in credit, while external reserves grew amid foreign currency inflows from reinsurance receipts and to a lesser extent from real sector activities. Real Sector Tourism Preliminary data suggests that, monthly tourism output softened, reflecting the effects of the passage of Hurricane Dorian, which adversely impacted outturns in Grand Bahama and the Family Islands. The most recent data from the Ministry of Tourism (MOT), revealed that total visitor arrivals contracted by 12.8% in September, following a 62.4% surge during the same period last year - when the Baha Mar properties'capacity boost settled-in. By port of entry, the high value-added air component fell by 14.7%, reversing 2018's 48.7% strengthening. Likewise, the sea segment retreated by 12.4%, in a turnaround from a 65.3% expansion in the prior year. A disaggregation by island, showed broad-based declines across major markets during September. In New Providence, arrivals fell by 8.1%, vis-a-vis the previous year's 41.8% improvement, with reductions in sea and air arrivals of 8.3% and 7.7%, respectively. In addition, tourists to the Family Islands weakened by 9.8%, following a more than two-fold increase in the prior year. This outturn included a retrenchment in air passengers of 37.6% - with Abaco recording no visitors during the month - while sea traffic lessened by 7.9%. Similarly, total arrivals to Grand Bahama decreased by 63.4% - the sharpest reduction since Hurricanes Francis and Jeanne in September 2004 - following a 13.3% gain a year ago, as the island's air traffic diminished by 82.0% and sea visitors contracted by 61.5%. Buttressed by the strengthening during the first half of the year, total arrivals retained gains of 10.4% on a year to date basis, surpassing the 8.5% growth last year. Specifically, the sea segment grew by 10.1%, outstripping the 6.1% rise of the previous year, while air arrivals growth moderated to 11.6% from 16.5%. The overall improvement was anchored by New Providence, where visitor arrivals advanced by 16.7%, surpassing 2018's 0.1% uptick, supported by a rebound in sea tourists (up 17.2%) and a steady rise in air traffic (up 15.6%). In contrast, growth in arrivals to the Family Islands tapered to 8.9% from 25.4% in 2018, owing to decelerated gains in both air and sea arrivals to 3.3% and 9.9%, respectively. In Abaco, air traffic slowed sharply to 1.0%, from 18.2% a year ago; while arrivals to Grand Bahama contracted by 15.8%, after the prior year's 8.9% improvement, on account of a weakening in both market segments. Data from The Bahamas Hotel & Tourism Association (BHTA) and the Ministry of Tourism (MOT) for a sample of large hotels in New Providence and Paradise Island confirmed a deterioration in hotel sector performance for the month of September. The average occupancy rate eased by 1.0 percentage point to 36.5%, amid a 1.0% falloff in room nights sold. Nevertheless, the average daily room rate (ADR) edged up by 0.6% to $167.39, however New Providence's room revenue was flat during the month. Taking the remaining Northern Bahamas into account, the overall projected outcome was a reduction in stopover earnings in September. Conversely, in the nine months to September, expansion remained evident, with surveyed large properties in New Providence experiencing a revenue boost of 25.0%. The average occupancy rate rose by 8.5 percentage points to 72.0%, while the number of room nights sold moved higher, by 16.0% and the ADR appreciated by 7.8% to $265.05. Reflecting the impact of Hurricane Dorian's passage early September, data provided by the Nassau Airport Development Company Ltd. (NAD), showed a 9.2% contraction in departures of foreign persons, sharply contrasting with the 42.3% increase secured during the same period last year. Specifically, growth in the dominant U.S. segment tapered to 9.2%, from the prior year's 44.7% expansion, while traffic by non-U.S. international passengers was reduced by 8.9%, vis-a-vis last year's 30.5% strengthening. Underpinned by improvements in earlier months, total foreign departures expanded by 15.2% during the nine-months to September, extending a 13.4% growth recorded over the same period of 2018. U.S. departures rose by 16.6%, compared to a 12.7% advance a year earlier; however, the growth in the non-U.S. international component slowed to 7.0% from 17.8%. The storm's impact on capacity in the short-term rental market was also evident in AirDNA estimates for September. In particular, the number of total available listings contracted by approximately 19.9% month-on-month, outdistancing the 2.8% falloff during the same month of 2018, owing to broad-based declines across major markets. Further, when combined with seasonal patterns, this was also accompanied by a reduction in bookings for the month. In terms of pricing, both hotel comparable and entire place listings posted declines in their average daily room rate (ADR) of 4.7% to $142.11 and 14.2% to $337.88, respectively. On a year to date basis, available rental listings grew by 17.1%, with an increase in properties for both entire place and private room offerings. Likewise, bookings were 31.7% higher over the same period in 2018, reflecting improvements across all major markets, but with lower average prices for both hotel comparable (7.3%) and entire place accommodations (2.4%). Prices During the twelve months to July, the domestic inflation rate increased by 1.5 percentage points to 3.11%, reflecting the ongoing impact of the 2018 rise in the VAT rate. A breakdown by segment showed that after posting reductions in 2018, the average prices registered upticks for furnishing, household equipment & maintenance, clothing & footwear items and for unclassified or miscellaneous goods & services. In addition, gains in average prices accelerated for transport, alcoholic beverages, tobacco & narcotics and health; while the average increases slowed for restaurants & hotels, housing, water, gas, electricity & other fuels, and food & non-alcoholic beverages; while prices for education, communication, recreation and culture were lowered. For full text reading, please download the attached document. https://www.centralbankbahamas.com?cmd=view&id=16639Remarks by Governor Rolle on the Monthly Economic and Financial Developments (MEFD) September 2019https://www.centralbankbahamas.com?cmd=view&id=16638Today we are releasing the Central Bank's monthly economic report, which covers development through the end of the third quarter of 2019. It offers some preliminary observations on outcomes since Hurricane Dorian. This quarterly report also highlights the most recent lending conditions survey, covering observations for the first half of 2019. Economic activity came to a halt in Abaco and Grand Bahama during September 2019, as a result of Hurricane Dorian. Neither island recorded any tourism activity, given the complete shutdown of the infrastructure. The rest of The Bahamas was not entirely spared, as these regions experienced either visitor declines or much reduced arrivals gains for both hotels and vacation rental properties. However, the timing of the storm's during the slower part of the tourist season, allowed The Bahamas to preserve strong tourism performance over the first nine months of the year. This momentum is sufficiently strong, that the Central Bank expects The Bahamas will still record positive growth in 2019, underpinned by tourism, but much lower than had the storm not occurred. In addition, foreign investment stimulus is expected to be sustained, with inflows targeting expansion in resort and cruise infrastructure in New Providence, Grand Bahama, and several Family Islands. The setback from the Hurricane is projected to be more noticeable in 2020, with resort facilities in Abaco absent during the peak winter season, and Grand Bahama's economy only expected to be partially recovered. An overall contraction in the economy or a flat outcome is possible. Please view the download for further reading. https://www.centralbankbahamas.com?cmd=view&id=16638Bahamas Registered Stock Initial Public Offering - November 2019https://www.centralbankbahamas.com?cmd=view&id=16637

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2049 ISSUE OF B$10,000,000
ISSUED UNDER THE BAHAMAS REGISTERED STOCK ACT
Prospectus Date: October 29, 2019

INITIAL PUBLIC OFFERING

Issuer: Bahamas Government Open Date: November 11, 2019 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: November 13, 2019 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: November 15, 2019
First Int Pmt: April 15, 2020 (short)
Calendar: Actual/365
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.

Security ID Issue Size (B$) Unit Share (B$) Tenor (Years) Interest (Fixed) Maturity Interest Payment
BGR132149 10,000,000.00 100 30 5.65% October 15, 2049 Semi-annual
10,000,000.00


CENTRAL BANK OF THE BAHAMAS SECONDARY MARKET RELEASE OF
16,638,300 BAHAMAS REGISTERED STOCK 2039
Under the same Open, Close, and Settlement Dates as above

Allocation: Securities will be awarded on a "first come, first serve" basis.

Security ID Amount Released (B$) Market Price (B$) Tenor (Years) Interest (Fixed) Maturity Interest Payment
BGR132039 16,638,300.00 100 20 5.29% October 15, 2039 Semi-annual
16,638,300.00
Accrued Interest per Bond: $0.4493 Example:
You buy 100 bonds ($10,000 face value)
Step 1: Calculate accrued interest (100 bonds x $0.4493 = $44.93)
Step 2: Calculate principal cost (100 bonds x $100.00 = $10,000.00)
Step 3: Calculate total due ($44.93 + $10,000.00 = $10,044.93)

GENERAL INSTRUCTIONS
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 settlement 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.
The Central Bank of The Bahamas will not accept applications after 3:00 p.m. each day. The Central Bank reserves the right to offer additional securities for sale in the event of an oversubscription. Application forms may be obtained from the Central Bank of The Bahamas' offices in Nassau 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=16637
Market Brief: October 2019 https://www.centralbankbahamas.com?cmd=view&id=16636Market Briefs will be issued by the Central Bank on a quarterly basis to stimulate discussions on domestic Treasury securities and strengthen the market's knowledge around primary issue outcomes. The market for 91 and 182-day Treasury Bills (T-Bills) remains dominated by institutional investors who bid yields through closed tenders, while the Treasury Note and Bond market - while also institutionally driven - is experiencing growing interest from individual investors. Please view the download for further reading.https://www.centralbankbahamas.com?cmd=view&id=16636Responses to Questions for RFP2019010 - Enterprise Resource Planning Solutionhttps://www.centralbankbahamas.com?cmd=view&id=16635Responses to Questions for RFP2019010 - Enterprise Resource Planning Solution

To all interested persons, please note that responses to questions are available.

Respond via email: tenders@centralbankbahamas.com
cc: AVSaunders@centralbankbahamas.com
https://www.centralbankbahamas.com?cmd=view&id=16635
Results of Treasury Tender October 2019https://www.centralbankbahamas.com?cmd=view&id=16634Results of Treasury Tender October 2019https://www.centralbankbahamas.com?cmd=view&id=16634Remarks by Governor Rolle at the Exuma Business Outlook on "Bahamian Financial Resilience Post-Natural Disasters"https://www.centralbankbahamas.com?cmd=view&id=16633

Bahamian Financial Resilience Post-Natural Disasters

John Rolle Governor*
*As prepared for Delivery.
Exuma Business Outlook
Sandals Resort, Exuma, Bahamas
24th October 2019

Introduction

It is always a pleasure to speak at the Exuma Business Outlook. This is happening at a time of incredible change within our economy. We are paying more attention to the immediate and long-term needs for planning and development around financial and economic resiliency; and on leveling the playing field of access for commercial goods and services. Post-Hurricane Dorian we are now more focused on strategies for financial resiliency for households, businesses and the public sector; and we are preoccupied with business continuity and recovery at the national level for critical financial services. The take away from my presentation is that alongside the interventions which the Central Bank intends to make to increase the preparedness of the banking and payments system, serious interventions will also be needed from a policy and cultural perspective to tackle the household sector's financial vulnerability. Critical evolution is also required in our tourism product model to make this leading foreign exchange earner more resilient. The Central Bank will continue to take a progressive approach to identifying and promoting legal and regulatory reforms to accommodate financial sector transformation in the direction of greater resilience. For further reading please view the download.
https://www.centralbankbahamas.com?cmd=view&id=16633