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June 2022 Short Term Bahamas Registered Stock IPO

Published: Thursday June 23rd, 2022

 

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK 2023 AND 2024 ISSUE OF B$150,000,000 ISSUED

UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021

 

Prospectus Date: 23 rd June, 2022

 

Issuer: Bahamas Government Open Date: 27th June, 2022 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: 29th June, 2022 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: 30th June, 2022
Minimum: $100 First Int. Pmt: 30th December, 2022
Increment: $100 Calendar: Actual/365

Central Bank of The Bahamas must be in receipt of all applications and funds before 3 p.m. on 29th June, 2022

Security ID Issue Size Can Grow/Shrink? Unit Share(B$) Tenor (Years) Interest Fixed Maturity Interest Payment
BGR154023 75,000,000 Yes 100 1 3.15% 30-Jun-23 Semi-annual

BGR154024

 

75,000,000 Yes 100 2 3.35% 30-Jun-24 Semi-annual
  150,000,000            

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.

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:   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:   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/.