For a better view on Central Bank of The Bahamas, Update Your Browser.

November 2022 Benchmark Bahamas Registered Stock IPO

Published: Friday November 4th, 2022

 

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

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

UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021

 

Prospectus Date: November 3, 2022

 

Issuer: Bahamas Government Open Date: November 15, 2022 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: November 17, 2022 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: November 21, 2022
Minimum: $100 First Int. Pmt: March 14, 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 November 17, 2022.

Security ID Issue Size Can Grow/Shrink? Unit Share(B$) Tenor (Years) Interest Fixed Maturity Interest Payment
BGR155225 4,000,000 Yes 100 3 3.58% 14-Sept-25 Semi-annual
BGR155227 500,000 Yes 100 5 4.03% 14-Sept-27 Semi-annual
BGR155229 500,000 Yes 100 7 4.68% 14-Sept-29 Semi-annual
BGR155232 500,000 Yes 100 10 5.43% 14-Sept-32 Semi-annual
BGR155242 500,000 Yes 100 20 6.00% 14-Sept-42 Semi-annual
BGR155252 4,000,000 Yes 100 30 6.50% 14-Sept-52 Semi-annual
  10,000,000            

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

New and Existing Individual Investors

Existing Institutional Investors

 

Application:  (1) 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.

(2) Submit application via the BRS Application Portal (enrolment required). New and existing individual investors may enrol and submit applications 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:   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.

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/.