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Bahamas Registered Stock Benchmark Prospectus January 2023 Results

Published: Wednesday January 4th, 2023

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK 2025, 2027, 2029, 2032, 2042 AND 2052 ISSUE OF B$10,500,000

ISSUED UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021

 

Prospectus Date: 3rd January, 2023

 

Issuer: Bahamas Government Open Date: 11th January 2023 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: 13th January, 2023 (3:00 p.m.)
    Auction Date: 17th January, 2023 (9:00 a.m.- 3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: 18th January 2023
Minimum: $100 First Int. Pmt: 14th June, 2023 (Short)
Increment: $100 Calendar: Actual/365

Central Bank of The Bahamas must be in receipt of all applications and funds before 3 p.m. on 13th January, 2023.

Security ID Issue Size Can Grow/Shrink? Unit Share(B$) Tenor (Years) Interest Fixed Maturity Interest Payment   Final 
Distribution
(B$)
BGR157125  3,500,000  Yes 100 3 3.58% 14-Dec-25 Semi-annual   4,707,900.00 
BGR157127  2,000,000  Yes 100 5 4.03% 14-Dec-27 Semi-annual   5,659,700.00
BGR157129  500,000 Yes 100 7 4.68% 14-Dec-29 Semi-annual   196,700.00
BGR157132  500,000 Yes 100 10 5.43% 14-Dec-32 Semi-annual   871,500.00
BGR157142  500,000 Yes 100 20 6.01% 14-Dec-42 Semi-annual   162,500.00
BGR157152  3,500,000  Yes 100 30 6.51% 14-Dec-52 Semi-annual   3,366,500.00 
  10,500,000 Yes             14,964,800.00

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

New and Existing Individual Investors; Existing Institutional Investors:

Application: 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 acknowledgement within four hours of submission, during normal business hours.

(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

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 less likely 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/.