Bahamas Registered Stock April 2025 Reopening Prospectus
Published: Thursday April 3rd, 2025
PROSPECTUS (Reopening)
THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2027, 2029, 2032, 2034, 2044 AND 2054 ISSUE OF B$22,700,000 ISSUED UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021
Prospectus Date: 2nd April 2025
| Issuer: |
Bahamas Government |
Open Date: |
8th April, 2025 (9:30 a.m.) |
| Registrar: |
Central Bank of The Bahamas |
Close Date: |
10th April, 2025 (3:00 p.m.) |
| Organizer: |
Central Bank of The Bahamas |
Auction Date: |
14th April, 2025 (9:00 a.m. - 3:00 p.m.) |
| Minimum: |
$100 |
Settlement: |
15th April, 2025 |
| Increment: |
$100 |
Interest paid: |
Semi-Annually |
| |
|
Calendar: |
Actual/365 |
| Security ID |
Issue Size ($) |
Can
Grow/ Shrink? |
Tenor
(Years) |
Fixed
Coupon (%) |
Last Yield
(%)
|
Bid Options |
Maturity |
| BSBGR1780273 |
7,000,000 |
Yes |
3 |
3.67 |
3.700 |
Competitive and non-competitive bids allowed
|
16-Sep-27 |
| BSBGR1780299 |
3,000,000 |
Yes |
5 |
4.13 |
4.160 |
Competitive and non-competitive bids allowed
|
16-Sep-29 |
| BSBGR1550320 |
2,000,000 |
Yes |
7 |
5.43 |
5.072 |
Competitive and non-competitive bids allowed
|
14-Sep-32 |
| BSBGR1780349 |
4,000,000 |
Yes |
10 |
5.54 |
5.576 |
Competitive and non-competitive bids allowed
|
16-Sep-34 |
| BSBGR1760440 |
1,000,000 |
Yes |
20 |
6.12 |
6.093 |
Competitive and non-competitive bids allowed
|
24-Jul-44 |
| BSBGR1780547 |
6,700,000 |
Yes |
30 |
6.62 |
6.650 |
Competitive and non-competitive bids allowed
|
16-Sep-54 |
| |
22,700,000 |
Yes |
|
|
|
|
|
Yield Considerations:
The Last Yield is derived from the Central Bank of The Bahamas’ most recent secondary market price estimates published at https://www.centralbankbahamas.com/news/brs-secondary-market-prices/brs-secondary-market-prices-march-2025?N=N, and may be used as guidance around the issuer expectations for market bids on the reopened securities.
Instructions for participation are outlined below.
Competitive Participation:
1. The minimum bid is $500 with no upper limit for the competitive bidding option.
a) BISX Registered Broker-Dealer Customers: Submit applications through your respective broker-dealer, following the instructions/guidelines.
b) Central Bank Customers: Prospective investors wishing to bid competitively through the Central Bank should contact the Bank via email to [email protected] or via telephone at (242) 302-2620.
Non-Competitive Participation:
1. The minimum bid is $100 with and upper limit of $500,000 for the non-competitive bidding option.
a) BISX Registered Broker-Dealer Customers: Submit applications through your broker-dealer, following their instructions/guidelines.
b) Central Bank Customers: Prospective investors, submit application via the Bahamas Securities Portal.
Allocation: Offerings do not prioritize bids for “individual” investors. Instead, the bid allocation process considers (1) the bid size, (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 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.
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.
