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PROSPECTUS (Reopening)
THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS
BAHAMAS REGISTERED STOCK 2029, 2031, 2034, 2036, 2049 AND 2054 ISSUE OF B$25,000,000 ISSUED UNDER THE PUBLIC DEBT MANAGEMENT ACT, 2021
| Issuer: | Bahamas Government | Open Date: | 9th March 2026 (9:30 a.m.) |
| Registrar: | Central Bank of The Bahamas | Close Date: | 11th March 2026 (3:00 p.m.) |
| Organizer: | Central Bank of The Bahamas | Auction Date: | 13th March 2026 (9:00 a.m. - 3:00 p.m.) |
| Minimum: | $100 | Settlement: | 16th March 2026 |
| Increment: | $100 | Interest paid: | Semi-Annually |
| Calendar: | Actual/365 |
| Security ID | Issue Size ($) | Can Grow/ Shrink? | Tenor | Fixed Coupon (%) | Last Yield (%) | Bid Options | Maturity |
| BSBGR1700297 | 7,000,000 | Yes | 3 | 4.10 | 4.346 | Competitive and non-competitive bids allowed | 15-Feb-29 |
| BSBGR1740319 | 3,000,000 | Yes | 5 | 4.76 | 4.820 | Competitive and non-competitive bids allowed | 31-May-31 |
| BSBGR1700347 | 2,000,000 | Yes | 7 | 5.51 | 5.421 | Competitive and non-competitive bids allowed | 15-Feb-34 |
| BSBGR1060361 | 4,000,000 | Yes | 10 | 5.40 | 5.402 | Competitive and non-competitive bids allowed | 4-Aug-36 |
| BSBGR1292493 | 2,000,000 | Yes | 20 | 5.55 | 6.157 | Competitive and non-competitive bids allowed | 15-Apr-49 |
| BSBGR1700545 | 7,000,000 | Yes | 30 | 6.59 | 6.390 | Competitive and non-competitive bids allowed | 15-Feb-54 |
| 25,000,000 |
Yield Considerations:
The Last Yield is derived from the Central Bank of The Bahamas’ most recent secondary market price estimates published at https://cbob.netcluesdemo.com/news/brs-secondary-market-prices, and may be used as guidance around the issuer expectations for market bids on the reopened securities.
Instructions for participation are outlined below.
Competitive Participation:
1. The minimum bid is $500,100 with no upper limit for the competitive bidding option.
a) BISX Registered Broker-Dealer Customers: Submit applications through your respective broker-dealer, following the instructions/guidelines.
b) Central Bank Customers: Prospective investors wishing to bid competitively through the Central Bank should contact the Bank via email to domesticdebt@centralbankbahamas.com or via telephone at (242) 302-2620.
Non-Competitive Participation:
1. The minimum bid is $100 with and upper limit of $500,000 for the non-competitive bidding option.
a) BISX Registered Broker-Dealer Customers: Submit applications through your broker-dealer, following their instructions/guidelines.
b) Central Bank Customers: Prospective investors, submit application via the Bahamas Securities Portal. Please refer to the supplemental Central Bank Customer Information Sheet for additional pricing and payment instructions.
Allocation: Offerings do not prioritize bids for “individual” investors. Instead, the bid allocation process considers (1) the bid size, (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 less likely to receive allocations.
Grow/Shrink: Each security in this offering has the capacity to grow or shrink based on the 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.
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.
[1] In line with the BRS Consolidation Framework, we are reopening securities. In some instances, in an effort to build benchmark volumes, some bond reopening maturities may differ slightly from established benchmark maturity boundaries.
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