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Short-Term Bahamas Registered Stock Prospectus - December 2023 Results

Published: Wednesday November 29th, 2023
Amended: Wednesday December 13th, 2023

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK 2024 ISSUE OF B$67,260,000 ISSUED UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021

Prospectus Date: 24th November, 2023

Issuer: Bahamas Government Open Date: 6th December, 2023 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: 8th December, 2023 (3:00 p.m.)
    Auction Date: 12th December, 2023 (9:00 a.m. - 3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: 14th December, 2023
Minimum: $100 First Int. Pmt: 14th June, 2024
Increment: $100 Calendar: Actual/365

Central Bank of The Bahamas must be in receipt of all applications and funds before 3:00 p.m. on 8th December, 2023.

Security ID Issue Size Can Grow/Shrink? Unit Share(B$) Tenor (Years) Interest Fixed Maturity Interest Payment
BSBGR1670243 67,260,000 Yes 100 1 3.25% 14-Dec-24 Semi-annual
  67,260,000 Yes          

Instructions for participation in this Initial Public Offering are outlined below for:
New and Existing Individual Investors
Existing Institutional Investors

Application:

  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
  2. 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:

  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/.

Document(s)