Bahamas Registered Stock IPO Prospectus January 2024 (Revised)

Published: Thursday January 4th, 2024

Amended: Tuesday January 9th, 2024

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK 2027, 2029, 2031, 2034, 2044, AND 2054 ISSUE OF B$30,000,000

ISSUED UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021

Prospectus Date: 3^rd January 2024 (Revised 9^th January 2024)

 

Issuer:	Bahamas Government	Open Date:	11th January 2024 (9:30 a.m.)
Registrar:	Central Bank of The Bahamas	Close Date:	15th January 2024 (3:00 p.m.)
		Auction Date:	16th January 2024 (9:00 a.m. - 3:00 p.m.)
Organizer:	Central Bank of The Bahamas	Settlement:	18th January 2024
Minimum:	$100	First Int. Pmt:	18th July 2024
Increment:	$100	Calendar:	Actual/365

The Central Bank of The Bahamas must be in receipt of all public applications and funds before 3:00 p.m. on 15^th January 2024.

Security ID	Issue Size	Can Grow/ Shrink?	Unit Share(B$)	Tenor (Years)	Interest Fixed	Maturity	Interest Payment
BSBGR1680275	9,000,000	Yes	100	3	3.64	18-Jan-27	Semi-annual
BSBGR1680291	6,000,000	Yes	100	5	4.10	18-Jan-29	Semi-annual
BSBGR1680317	2,000,000	Yes	100	7	4.76	18-Jan-31	Semi-annual
BSBGR1680341	2,000,000	Yes	100	10	5.51	18-Jan-34	Semi-annual
BSBGR1680440	2,000,000	Yes	100	20	6.09	18-Jan-44	Semi-annual
BSBGR1680549	9,000,000	Yes	100	30	6.59	18-Jan-54	Semi-annual
	$30,000,000	Yes

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

Participation: Investors may participate in the Initial Public Offering process as follows:

(1)  Non-competitive Participation: The minimum bid is $100 with an upper limit of B$500,000 for the non-competitive bidding option.

a)  Central Bank Customers: Prospective investors are to submit applications via the BRS Application Portal with funds wired/transferred to the Central Bank no later than 3:00 p.m. on the Close Date.

b)  BISX Registered Broker-Dealer Customers: Submit applications through your broker-dealer, following the instructions/guidelines.

(2)  Competitive Participation: The minimum bid is $100 with no upper limit for the competitive bidding option.

a)  Central Bank Customers: Prospective investors wishing to bid competitively through the Central Bank must contact the Banking Department via email to [email protected] or via telephone at (242) 302-2620. The BRS Application Portal will only facilitate non-competitive bids. All funds must be wired/transferred to the Central Bank no later than 3:00 p.m. on the Close Date.

b)  BISX Registered Broker-Dealer Customers: Submit applications through your respective broker-dealer, following the instructions/guidelines.

Steps for Central Bank Customers:

(1)  Submit the application via the BRS Application Portal (enrolment required). New and existing individual investors may enroll 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.

(3)  Payment: Subscription payments may be made electronically via commercial banks or digitally via SandDollar in accordance with the settlement instructions outlined below.

i) Bank Wire Information
Beneficiary Bank:	Central Bank of The Bahamas
BIC:	CBBHBSNS(XXX)
Account:	CBOB General Account 1315010051
Branch Code:	1000 (if applicable)
ii) Central Bank Digital Currency SandDollar Information:
Direct payments to Receiver's Custom Name (alias): [email protected]

Applications for Broker-Dealer Customers: Follow instructions/guidelines provided by your selected broker dealer.

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.

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 segment of the auction.

Initial Public Offerings will no longer prioritize bids for “individual” investors. 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 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.