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Central Bank of The Bahamas

04/06/2021 | Press release | Distributed by Public on 04/06/2021 17:03

Bahamas Registered Stock Initial Public Offering April 2021

Bahamas Registered Stock Initial Public Offering April 2021

Published: Tuesday April 6th, 2021

PROSPECTUS

THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS

BAHAMAS REGISTERED STOCK (No. 5) 2024, 2026, 2028, 2031, 2041 AND 2051 ISSUE OF B$25,465,000

ISSUED UNDER THE BAHAMAS REGISTERED STOCK ACT

Prospectus Date: April 6, 2021

Issuer: Bahamas Government Open Date: April 12, 2021 (9:30 a.m.)
Registrar: Central Bank of The Bahamas Close Date: April 14, 2021 (3:00 p.m.)
Organizer: Central Bank of The Bahamas Settlement: April 16, 2021
First Int Pmt: August 15, 2021 (short)
Calendar: Actual/365
Security ID Issue Size (B$) Can Grow/Shrink? Unit Share(B$) Tenor (Years) Interest (Fixed) Maturity Interest Payment
BGR142224 3,000,000 Yes 100 3 3.50% February 15, 2024 Semi-annual
BGR142226 3,000,000 Yes 100 5 4.00% February 15, 2026 Semi-annual
BGR142228 2,000,000 Yes 100 7 4.65% February 15, 2028 Semi-annual
BGR142231 2,000,000 Yes 100 10 5.40% February 15, 2031 Semi-annual
BGR142241 5,465,000 Yes 100 20 5.95% February 15, 2041 Semi-annual
BGR142251 10,000,000 Yes 100 30 6.40% February 15, 2051 Semi-annual
25,465,000

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

Application: Complete an electronic application. Sign and submit the application to the domestic debt 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) 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. New Business customers must present a list of its authorized signatories along with Memorandum/Articles of Association.

Payments: Subscription payments should be made electronically-in $100 increments-along with your application, via your commercial bank. Settlement instructions are as follows:

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)

Allocation: Securities will be awarded in accordance with the Central Bank's priority-based auction allocation method, with first priority given to individuals applying for $250,000 or less. All other applicants-individuals greater than $250,000 and institutions-will be classified as Priority Level 2. Allotments may be prorated, as needed, depending on the total value of subscriptions

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: Effective July 2020, the Central Bank discontinued the provision of physical bond certificates. Accordingly, successful applicants will receive an electronic copy of their allotments, via email, within three business days following settlement.