NASSAU, BAHAMAS- The Bahamas government issued approximately $1.9 billion in domestic securities during the fourth quarter of 2025, primarily to refinance existing debt, with strong market demand across Treasury bills (T-bills) and Bahamas Registered Stock (BRS), according to data from the Central Bank of The Bahamas.
T-bills accounted for 89 percent of the issuance, while BRS made up the remaining 11 percent, including six re-openings. Overall, the domestic market absorption rate rose to 93 percent in Q4, up from 88 percent in Q3 2025, reflecting robust investor appetite.
Short-term T-bills performed particularly well, with the 182-day bill recording an average absorption rate of 116 percent. Treasury bills closed the quarter with an average absorption rate of 90 percent, a 6 percentage-point increase over the previous period.
Investor demand for BRS totaled $462 million, exceeding offerings by $24 million. Shorter-term tranches—3-, 5-, and 7-year—accounted for roughly 84 percent of total subscriptions, while 30-year tranches made up 13 percent and 10- and 20-year tranches attracted 4 percent.
The yield curve in the domestic market remained inverted at the short end, as 91-day T-bill yields exceeded those on 182-day T-bills. The implied forward curve also remained below the spot curve at the short end, signaling expectations for lower short-term yields, while medium- and long-term yields remained upward sloping.
