NASSAU, BAHAMAS – The government yesterday tabled two resolutions inviting applications for The Bahamas Registered Stock options totalling $100 million in three tranches.
The bonds were issued under The Bahamas Registered Stock Act.
Prime Minister Dr. Hubert Minnis tabled the offerings in Parliament yesterday on behalf of Minister of Finance Peter Turnquest, who was out of the country.
The first tranche — $75 million — offers an interest rate of 2.39 per cent to be paid half-yearly beginning on September 28, 2019, and thereafter on March 28, 2020.
The stock shall be in units of $100.
“There shall be no sinking fund,” the notice read.
“No part of the stock shall be issued in foreign currency.
“The stock shall be repaid on March 28 in the year appearing in the name of the stock or at any earlier date to be determined by the minister.
“The conditions for early redemption are that three months’ written notice shall be given to the stockholders to be affected and that redemption shall be on the interest payment dates i.e. September 28 or March 28.”
The second and third tranches in the amount of $10 million and $15 million respectively will offer an interest rate of five per cent, according to the resolution.
Similarly, interest will be paid half-yearly, commencing on July 15, 2019, and thereafter on January 15 and July 15 of every year until the stock is repaid.