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Bahamas Registered Stock April 2023 Benchmark Prospectus Results

Published: Tuesday April 11th, 2023

 

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK 2026, 2028, 2030, 2033, 2043 AND 2053 ISSUE OF B$15,000,000 ISSUED

UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021

 

Prospectus Date: 11th April, 2023

 

Issuer: Bahamas Government Open Date: 17th April, 2023 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: 19th April, 2023 (3:00 p.m.)
    Auction Date: 20th April, 2023 (9:00 a.m. - 3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: 21st April, 2023
Minimum: $100 First Int. Pmt: 21st October, 2023
Increment: $100 Calendar: Actual/365

Central Bank of The Bahamas must be in receipt of all public applications and funds before 3 p.m. on 19th April, 2023.

Security ID Issue Size Can Grow/Shrink? Unit Share(B$) Tenor (Years) Interest Fixed Maturity Interest Payment  

Final Distribution 

(B$)
BGR160026 4,000,000 Yes 100 3 3.60% 21-Apr-26 Semi-annual  

5,230,100
BGR160028 2,000,000 Yes 100 5 4.05% 21-Apr-28 Semi-annual  

1,456,100
BGR160030 2,000,000 Yes 100 7 4.70% 21-Apr-30 Semi-annual  

1,043,500
BGR160033 1,000,000 Yes 100 10 5.45% 21-Apr-33 Semi-annual  

2,488,800
BGR160043 2,000,000 Yes 100 20 6.02% 21-Apr-43 Semi-annual  

801,000
BGR160053 4,000,000 Yes 100 30 6.52% 21-Apr-53 Semi-annual  

7,384,600
  15,000,000 Yes            

18,404,100

Instructions for participation in this Initial Public Offering are outlined below for:

New and Existing Individual Investors

Existing Institutional Investors

 

Application:  (1) Submit application via the BRS Application Portal (enrolment required). New and existing individual investors may enrol and submit an application by visiting the following link: https://submissions.centralbankbahamas.com/bgrsapplication/login

(2) Complete the electronic application form. Sign and submit the application form to the Markets Unit IPO email address [email protected] with the subject “BRS Application” + “Client Name” (e.g. BRS Application for John Doe). Applicants will receive an acknowledgment within four hours of submission, during normal business hours.

KYC/ID:   (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.

Payment:   Subscription payments may be made electronically via commercial bank or digitally via Sand Dollar in accordance with the user’s wallet limit.
Settlement instructions are as follows:

i) Bank Wire Information:
Beneficiary Bank: Central Bank of The Bahamas
BIC: CBBHBSNS(XXX)
Account: CBOB General Account 1315010051
Branch Code: 10000 (if applicable)
Details: Applicant Name + NIB Number + BRS Application (e.g. John Doe NIB#12345 BRS Application)
ii) Central Bank Digital Currency Sand Dollar Information:
Direct payments to Receiver's Custom Name (alias):
[email protected]

Allocation:   Initial Public Offerings will no longer prioritize bids for “individual” investors who subscribe for up to $250,000. Instead, the bid allocation process will consider (1) the bid value, (2) the total value of all valid bids, and (3) the total offering amount. The methodology will prorate allocations across all bidders (individuals and institutions). In some cases, when offers are oversubscribed, very low- value bids are lesslikely to receive allocations.

Grow/Shrink:   Each security in this offering has the capacity to grow or shrink based on total subscriptions received for each tenor. The entire offer also has the capacity to grow or shrink, commensurate with overall demand. The issuer maintains the right to cap the offer, at its sole discretion.

Refunds:   All refunds will be disbursed within three business days following the settlement date.

Certificates:   Successful applicants will receive an electronic copy of their allotments, via email, within three business days following settlement.
(The Central Bank discontinued the provision of physical bond certificates effective July 2020.)

New Institutional Investors:

Broker-dealers:   New institutional investors may participate through a BISX registered broker-dealer, a list of which may be found at: https://bisxbahamas.com/broker-dealers/.

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