May 2023 Short-Term IPO Prospectus 45M Results

Published: Thursday May 18th, 2023

Amended: Tuesday June 6th, 2023

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK 2024 AND 2026 ISSUE OF B$45,000,000 ISSUED

UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021

 

Prospectus Date: 18th May, 2023

 

Issuer:	Bahamas Government	Open Date:	24th May, 2023 (9:30 a.m.)
Registrar:	Central Bank of The Bahamas	Close Date:	26th May, 2023 (3:00 p.m.)
		Auction Date:	30th May, 2023 (9:00 a.m - 3:00 p.m.)
Organizer:	Central Bank of The Bahamas	Settlement:	31st May, 2023
Minimum:	$100	First Int. Pmt:	5th November, 2023 (BGR161124/5 – Short)
Increment:	$100	First Int. Pmt:	21st October, 2023 (BGR160126 – Short)
		Calendar:	Actual/365

Central Bank of The Bahamas must be in receipt of all applications and funds before 3 p.m. on 26th May 2023.

Security ID	Issue Size	Can Grow/Shrink?	Unit Share(B$)	Tenor (Years)	Interest Fixed	Maturity	Interest Payment		Final Distribution (B$)
BGR161124	20,000,000	Yes	100	1	3.20%	5-May-24	Semi-annual		18,394,800
BGR161125	15,000,000	Yes	100	2	3.35%	5-May-25	Semi-annual		15,665,800
BGR160126	10,000,000	Yes	100	3	3.60%	21-Apr-26	Semi-annual		15,939,400
	45,000,000	Yes							50,000,00

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

 

New and Existing Individual Investors

 

Application: (1) Submit the 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 acknowledgement within four hours of submission, during normal business hours.

KYC/ID: (1) Bahamian E-Passport; or
(2)Bahamian Driver’s License: or
(3) NIB Smart Card paired with one of the following: 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 lesslikely 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/.