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Bahamas Registered Stock November 2024 Benchmark Reopening Prospectus

Published: Thursday November 7th, 2024

PROSPECTUS (Reopening)

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2027, 2029, 2031, 2034, 2044 AND 2054 ISSUE OF B$33,824,900
ISSUED UNDER
THE PUBLIC DEBT MANAGEMENT ACT, 2021
Prospectus Date: 7th November, 2024

Issuer: Bahamas Government

Open Date: 11th November, 2024 (9:30 a.m.)

Registrar: Central Bank of The Bahamas

Close Date: 13th November, 2024 (3:00 p.m.)

 

Auction Date: 14th November, 2024 (9:00 a.m.-3:00 p.m.)

Organizer: Central Bank of The Bahamas

Settlement: 15th November, 2024
  Minimum: $100    First Int. Pmt: 22nd April, 2025 (short)
  Increment: $100    Calendar: Actual/365

Security ID

Issue Size

Can Grow/ Shrink?

Unit Share (B$)

Tenor

Interest

Maturity

Interest

(Years)

Fixed

Payment

BSBGR1791270

9,500,000

Yes

100

3

3.70%

22-Oct-27

Semi-annual

BSBGR1791296

6,000,000

Yes

100

5

4.16%

22-Oct-29

Semi-annual

BSBGR1791312

1,000,000

Yes

100

7

4.82%

22-Oct-31

Semi-annual

BSBGR1791346

6,824,900

Yes

100

10

5.57%

22-Oct-34

Semi-annual

BSBGR1791445

1,000,000

Yes

100

20

6.15%

22-Oct-44

Semi-annual

BSBGR1791544

9,500,000

Yes

100

30

6.65%

22-Oct-54

Semi-annual

 

33,824,900

Yes

 

 

 

 

 

 

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

Non-Competitive Participation:

  1. The minimum bid is $100 with an upper limit of B$500,000 for the non-competitive bidding option
  1. BISX Registered Broker-Dealer Customers: Submit applications through your broker-dealer, following their instructions/guidelines.
  2. Central Bank Customers: Prospective investors, submit application via the Bahamas Securities Portal.

Competitive Participation:

  1. The minimum bid is $100 with no upper limit for the competitive bidding option.
  1. BISX Registered Broker-Dealer Customers: Submit applications through your respective broker-dealer, following the instructions/guidelines.
  2. Central Bank Customers: Prospective investors wishing to bid competitively should contact the Bank via email to [email protected] or via telephone at (242) 302-2620.

Allocation: 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.

New Institutional Investors:

New institutional investors may participate through a BISX registered broker-dealer, a list of which may be found at: https://bisxbahamas.com/broker-dealers/.

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