NASSAU, BAHAMAS – Investor demand for Bahamas Registered Stock (BRS) surged in the third quarter of 2025, with total subscriptions reaching $222 million, including an oversubscription of $29 million, the Central Bank reported. The average absorption rate rose to 115 percent, up from 79 percent in Q2.
The government issued approximately $1.8 billion in securities during the period, primarily to refinance existing debt obligations. Treasury bills (T-bills) and BRS accounted for 89 percent and 11 percent, respectively, of total issuance. Despite strong BRS uptake, the overall market absorption rate fell from 105 percent in Q2 to 88 percent in Q3, reflecting softer demand for short-term T-bills.
T-bills closed the quarter with an average absorption rate of 85 percent, down 22 percent from the previous period. Uptake was highest for the 91-day bill at 92 percent, followed by the 182-day at 76 percent and the 364-day at 54 percent, signaling a moderation in short-term investor demand amid evolving liquidity conditions.
All BRS offerings were re-openings of existing tranches. Investors favored the 3-year and 7-year bonds, which together accounted for 66 percent of total subscriptions. Longer-dated 10- and 30-year tranches attracted 24 percent, while 5- and 20-year bonds made up the remaining 10 percent.
The data indicated that while short-term T-bill demand softened, investors continue to seek medium-term BRS securitiesoffering more stable returns, even as the government advances its debt refinancing program.
