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Bahamas Registered Stock Initial Public Offering - June 2021

Published: Wednesday June 2nd, 2021
PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK (No. 6) 2024, 2026, 2028, 2031, 2041 AND 2051 ISSUE OF B$17,126,500

ISSUED UNDER THE BAHAMAS REGISTERED STOCK ACT

Prospectus Date: May 31, 2021

Issuer: Bahamas Government Open Date: June 9, 2021 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: June 11, 2021 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: June 15, 2021
    First Int Pmt: November 17, 2021 (Short)
    Calendar: Actual/365

 

Security ID Issue Size (B$) Can Grow/Shrink? Unit Share(B$) Tenor (Years) Interest (Fixed) Maturity Interest Payment
BGR145124 1,000,000 Yes 100 3 3.55% May 17, 2024 Semi-annual
BGR145126 1,000,000 Yes 100 5 4.05% May 17, 2026 Semi-annual
BGR145128 1,000,000 Yes 100 7 4.70% May 17, 2028 Semi-annual
BGR145131 1,000,000 Yes 100 10 5.45% May 17, 2031 Semi-annual
BGR145141 4,000,000 Yes 100 20 6.00% May 17, 2041 Semi-annual
BGR145151 9,126,500 Yes 100 30 6.45% May 17, 2051 Semi-annual
  17,126,500            

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

Application: Complete an electronic application. Sign and submit the application to the domestic debt 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.

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. New Business customers must present a list of its authorized signatories along with Memorandum/Articles of Association.

Payments: Subscription payments should be made electronically-in $100 increments-along with your application, via your commercial bank. Settlement instructions are as follows:

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)

Allocation: Securities will be awarded in accordance with the Central Bank’s priority-based auction allocation method, with first priority given to individuals applying for $250,000 or less. All other applicants-individuals greater than $250,000 and institutions-will be classified as Priority Level 2. Allotments may be prorated, as needed, depending on the total value of subscriptions

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: Effective July 2020, the Central Bank discontinued the provision of physical bond certificates. Accordingly, successful applicants will receive an electronic copy of their allotments, via email, within three business days following settlement.