Tuesday, February 9, 2010
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Government bonds coming to BISX By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: A $300 million US-dollar sovereign bond issue by the Bahamas government may be making its way to the Bahamas International Securities Exchange (BISX), State Minister for Finance Zhivargo Laing told Guardian Business. "In terms of the recent bonds that we have floated, there is the possibility - on the secondary market at least - of that being listed on BISX," Laing confirmed yesterday. "We have already agreed for it to be done for secondary market purposes." He said the logistics of taking the issue to BISX was currently being worked out and that movement would come soon thereafter. The recent $300 million bond issue by the government was considered successful with US investors oversubscribing by $83 million. It was intended to reschedule an existing $200 million loan, but after significant demand for the 20-year, 7 percent interest deal the government decided to raise a total of $300 million. It's an investment, Bahamian investors may now have try at snagging. "Those bonds were listed on the European market and the question was raised whether they could be listed on BISX [and] we decided yes, but it's entirely up to the investors," Laing added. "Those bonds float in the secondary market, meaning they trade, so government isn't involved with this anymore. "They've been bought by investors [and] they may decide to sell." Laing previously hailed the success of the bond issue as an indicator of investor confidence in the long-term economy of The Bahamas, adding the deal had enabled the nation to secure a better rate for its debt and that borrowing the huge sum from the foreign market would "enhance the lives of Bahamians".
Thursday January 28, 2010 |
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