Bahamas Registered Stock IPO October 2023
Published: Tuesday October 3rd, 2023
PROSPECTUS
THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2026, 2028, 2030, 2033, 2043, AND 2053 ISSUE OF B$22,000,000 ISSUED UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021
Prospectus Date: 3rd October, 2023
| Issuer: | Bahamas Government | Open Date: | 10th October, 2023 (9:30 a.m.) |
| Registrar: | Central Bank of The Bahamas | Close Date: | 12th October, 2023 (3:00 p.m.) |
| Auction Date: | 13th October, 2023 (9:00 a.m. - 3:00 p.m.) | ||
| Organizer: | Central Bank of The Bahamas | Settlement: | 16th October, 2023 |
| Minimum: | $100 | First Int. Pmt: | 16th April, 2024 |
| Increment: | $100 | Calendar: | Actual/365 |
Central Bank of The Bahamas must be in receipt of all public applications and funds before 3 p.m. on 12th October, 2023.
| Security ID | Issue Size | Can Grow/Shrink? | Unit Share(B$) | Tenor (Years) | Interest Fixed | Maturity | Interest Payment |
| BSBGR1640261 | 7,000,000 | Yes | 100 | 3 | 3.63% | 16-Oct-26 | Semi-annual |
| BSBGR1640287 | 5,000,000 | Yes | 100 | 5 | 4.09% | 16-Oct-28 | Semi-annual |
| BSBGR1640303 | 1,000,000 | Yes | 100 | 7 | 4.75% | 16-Oct-30 | Semi-annual |
| BSBGR1640337 | 2,000,000 | Yes | 100 | 10 | 5.51% | 16-Oct-33 | Semi-annual |
| BSBGR1640436 | 1,000,000 | Yes | 100 | 20 | 6.09% | 16-Oct-43 | Semi-annual |
|
BSBGR1640535 |
6,000,000 | Yes | 100 | 30 | 6.59% | 16-Oct-53 | Semi-annual |
| 22,000,000 | Yes |
Instructions for participation in this Initial Public Offering are outlined below.
Application:
- 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
- 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:
- Bahamian E-Passport; or
- 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:
Allocation: Competitive Participation – Successful participants will receive a confirmation on the first business day following the tender.
Non-Competitive Participation – Where the aggregate amount of bids exceeds the maximum permitted amount (25% of planned issuance), a pro-rata allotment will be made. However, where the aggregate amount of non-competitive bids is less than the maximum permitted amount, the shortfall will be allocated to the competitive portion of the auction.
Grow/Shrink: Each security in this offering has the capacity to grow or shrink based on the 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.
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/.