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Government Successful at Issuing a Benchmark US$750 Million Bond Issue

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#Bahamas, November 18, 2017 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. Peter Turnquest gave details in the House of Assembly of the Government’s recent success at issuing a benchmark US$750 million bond issue, which has been opened to the markets and priced, and is expected to close on November 21, 2017.    He made the statement on Wednesday, November 15, 2017.

DPM Turnquest also took the time to set the record straight in response to numerous reports in the Press and social media about the transaction, which characterised it as “lacking in transparency and fiscal prudence.”

“Nothing could be further from the truth.    There was absolutely nothing devious, surreptitious or imprudent about this transaction or the manner in which it was handled.    There are certain ways these transactions are handled in the international market, and we are appropriately guided by our investors in this regard,” he told the Members of Parliament.

DPM Turnquest explained that all of the Government’s financing activities are conducted within the constraints of its approved borrowing authorities, and shaped and informed by pragmatic debt management strategies.

“These strategies, for example, take into consideration the size and currency composition of the Government’s financing requirements; the identification, analysis and preferences of potential funding sources—whether it is best to source the debt in domestic or foreign currency; and, of course, with due consideration to market liquidity, cost and risk factors.

“To be sure, such analysis and evaluation requires interaction with other agencies—especially our bankers, and most certainly the Central Bank.   As is customary, we collaborate very closely with the Central Bank, which manages the issuance of government paper in the domestic market, for advice on domestic liquidity conditions—how much excess loanable funds are in the system, and what is the appetite of the main investors in government paper—the banks and institutional investors (pension funds and the insurance companies) to increasing their holdings.”

He said these factors, including foreign reserves considerations, not only influence the timing and size of potential issues, but also determine decisions on whether borrowings are undertaken in domestic or foreign currency.    Such decisions involve serious and considered deliberations by the Government in managing the country’s debt.   The DPM noted that during the 2017/18 Budget Communication, two borrowing resolutions were approved by the House.

The first covered the additional funding approval of $400 million to settle the outstanding arrears for FY2016/17 and the second was in respect of FY2017/18, and provided for financing to cover the overall budget deficit, estimated at $322.3 million, and refinancing/debt repayment obligations, which are now projected at $600.2 million.

He said, “Therefore, while the total borrowing envelope under these two approved resolutions totaled approximately $1,322.7 million, the increment to the outstanding debt was and remains $722.3 million, as the $600.2 million in refinancing/debt repayment would have a neutral impact on debt levels.”

DPM Turnquest also noted that it is instructive to mention, that, at the beginning of each Fiscal Year, one of the first things that the Government sets out to do, through its Treasury Department, is to develop monthly cash flow projections—based on how it perceives the evolution of revenue performance and the timing of its outlays.

“These projections are calibrated, on an ongoing basis, to ensure that there are sufficient funds available to meet the Government’s budgetary requirements, as and when needed.

“It is now common knowledge that there were pressing funding needs at the end of the past fiscal year and the outset of the current period, which placed an urgent requirement on policymakers to identify immediate funding sources to meet these obligations.”

He said after an evaluation of the funding options, the Government moved expeditiously to source several short-term bridging facilities, which included US Dollar bank credits ($450 million) and domestic treasury bills and bank advances ($300 million).

“I want to emphasize that these facilities were always contemplated to be short-term in nature, with a subsequent “terming out”, i.e., lengthening of the maturities to achieve a more favourable debt servicing profile. And having considered conditions in the domestic market, and the number of significant rollovers contemplated, the intention was to explore the possibility of rolling up these short-term credits into an international bond issue.”

The bonds, characterized as a 10-Year weighted average life bond, was priced at a coupon or interest rate of 6.00 per cent, which is some 250 basis points above the pricing obtained in the Government’s last bond issuance in 2014 when it enjoyed investment grade credit status.

It is to be repaid in three equal annual installments, commencing on November 21, 2026, and with a final maturity on November 21, 2028.   T he 6.00 per cent yield is equivalent to a spread of 362.1 basis points above the US Treasury’s 10-year benchmark bond.

The Deutsche Bank Securities Inc. and RBC Capital Markets, LLC. managed the offer as joint book runners.

By: Llonella Gilbert (BIS)

 

 

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Tired of Taking Notes? The new Samsung Galaxy S24 Will Transcribe and Summarize Your Voice Notes In A Snap! 

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NASSAU, Bahamas – Faster, smarter and more convenient than ever before, the new Samsung Galaxy S24 will revolutionize your productivity with its new Transcript Assist and Browsing Assist features. In the continuous pursuit of delivering innovative solutions that enhance productivity and user experience, Samsung Electronics is proud to introduce two groundbreaking features: Transcript Assist and Browsing Assist.

The Transcript Assist feature, powered by Galaxy’s advanced artificial intelligence, takes note-taking to a whole new level by enabling users to easily convert voice notes and conversations into useful and accessible notes. Whether in a business meeting, conference, or casual conversation, the Galaxy S24’s Transcript Assist makes capturing information easier than ever.

By utilizing Transcript Assist, users can effortlessly record any conversation with multiple speakers and transform it into a clear and concise transcript with just a few taps. This feature is particularly useful for those who need to keep a detailed record of discussions and decisions made during important meetings or collaborative work sessions.

“With Transcript Assist, we’re redefining the way people take notes and record information,” said Gianmarco Leri, Product Manager at Samsung Electronics. “No longer do you have to worry about missing important details during a conversation. With the Galaxy S24, you can capture every word and turn it into a useful reference that you can easily review and share.”

In addition to generating accurate transcripts, the Transcript Assist feature also offers the ability to generate quick summaries of conversations, as well as the option to translate the entire transcript into different languages, facilitating communication and collaboration among people from different regions and cultures.

On the other hand, the Browsing Assist feature allows users to navigate more efficiently and conveniently on their Galaxy S24 devices by providing intelligent and contextual suggestions during web browsing and online content exploration.

The Galaxy S24, equipped with Transcript Assist and Browsing Assist, marks the beginning of a new era of productivity and convenience in mobile devices. These innovative features demonstrate Samsung Electronics’ continued commitment to providing advanced tools that help people achieve their goals more effectively and efficiently in everyday life.

So, get ready! The new Samsung Galaxy S24 will be coming soon to tech stores in The Bahamas soon.

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Weather Systems Affect Cuba and The Bahamas

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Rashaed Esson

Staff Writer

#Weather#Cuba#TheBahamas, March 25th, 2024 – Serious weather struck The Bahamas and Cuba over the weekend, both nations receiving warnings from their meteorological entities. The Bahamas was affected by severe thunderstorms.  In fact, an area of the Carnival Freedom Cruise Ship, which was 20 miles off Eleuthera, Bahamas, caught fire and reports say it was possibly due to a lightning strike.  Fortunately no lives were reported lost.

Meanwhile, Cuba had intense rainfall and hailstorms, resulting in damage to surrounding areas, thousands left without electricity amid fallen trees and Flash Floods.

 

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Reef Rescue Network: Donor Event Charts the Course for Coral Restoration and Sustainable Tourism in The Bahamas

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#TheBahamas, March 26, 2024 – As the world grapples with the urgency of marine conservation, The Bahamas has emerged as a beacon of hope with its latest initiative led by the Reef Rescue Network (RRN). An alliance of dive operators, NGOs and businesses invested in coral restoration, the RRN recently hosted an immersive event for the British High Commissioner and representatives from the Inter-American Development Bank (IDB), to provide a firsthand look—and dive—into the thriving heart of coral nurseries. The gathering served as a vivid testament to the progress achieved by the RRN and its partners in coral restoration efforts over the past two years, thanks to support from the Compete Caribbean Partnership Facility.

Fueled by its vision of harmonizing economic vitality with environmental sustainability, the RRN has strategically harnessed the support of the Compete Caribbean Partnership Facility grant, backed by the IDB, the United Kingdom’s Foreign and Commonwealth Development Office (UK FCDO), the Caribbean Development Bank (CDB), and the Government of Canada. This collaborative effort aims to amplify The Bahamas’ blue economy by integrating eco-tourism with a series of coral restoration projects, poised to transform the archipelago into a magnet for eco-conscious tourists and bolster the local economy with a sustainable model.

As a vanguard of coral conservation and education, the RRN’s expansive network spans over 50 nursery locations across The Bahamas, Aruba, and St. Lucia. Beyond mere conservation, the network offers tourists an array of Reef Rescue Experiences, designed to kindle a profound connection with the marine world. From specialized diving courses to snorkeling and shark conservation education, these programs do more than highlight the ecological significance of coral reefs—they empower participants to actively engage in safeguarding these vital underwater ecosystems, ensuring their preservation for generations to come.

The event, held earlier this month, was graced by the presence of distinguished participants including Thomas Hartley, British High Commissioner to the Commonwealth of The Bahamas, Claire Nichols, Deputy British High Commissioner, Daniela Carrera-Marquis, Country Representative for the Inter-American Development Bank (IDB) in The Bahamas, and Claudia Stevenson, IDB specialist and team leader of the project. The day commenced with an insightful presentation on the RRN’s milestones, buoyed by the vital funding from Compete Caribbean and other donors, followed by a hands-on experience at one of the network’s coral nurseries located off the Southwest coast of New Providence.

Daniela Carrera-Marquis, an enthusiastic advocate for coral restoration, expressed her excitement about the innovative concept of coral restoration tourism. She said: “I am looking forward to completing my PADI Reef Rescue Diver certification and diving more to assist with coral restoration efforts in The Bahamas,” echoing the sentiment of engagement and direct action that the RRN aims to foster among its partners and the community. At the event, Daniela participated in scuba diving and performed maintenance on an underwater coral nursery while the others snorkeled and viewed the nursery from above.

The event not only served as a platform for appreciation but also as an eye-opener to the real-world challenges reefs face, as highlighted by Thomas Hartley’s reflections on witnessing the impacts of climate change firsthand. He said: “It was devastating to see the effects of coral bleaching on the reefs.” Coral bleaching is the process where stressed corals expel their colorful and life-sustaining algae, turning them white and leading to starvation, increased susceptibility to disease, and potentially death if the stress continues.

Over the past two years, with the support from Compete Caribbean and other donors, the RRN has made commendable progress in expanding and developing coral nurseries, enhancing the capacity of its human resources, and promoting coral restoration standards throughout the Bahamian archipelago. This includes the installation of 14 new coral nurseries, expansion of 4 existing ones, and the addition of 3,450 coral fragments to nursery units, significantly increasing the ecological benefits to local reefs.

Moreover, the RRN has successfully developed shallow water experiences for non-divers, introducing 35 “coral domes” across 10 dive sites, populated with 943 coral fragments. The living coral domes not only diversify the experience for RRN partners but also educates a broader audience on coral reef conservation.

The network’s efforts have also extended to education and community engagement over the last two years, with 81 Bahamian high school children educated on coral reefs and restoration activities. This engagement aims to instill stewardship behaviors among the youth, ensuring the longevity of marine conservation efforts.

Despite the setbacks faced due to the 2023 summer bleaching crisis, which hampered outplanting activities, the RRN remains steadfast in its mission. Coral reefs form the bedrock of The Bahamas’ tourism sector, contributing significantly to the nation’s $2.6 billion annual tourism revenue. With over two million tourists engaging in snorkeling activities annually, coral reefs serve not only as a magnet for visitors but as a sanctuary for diverse marine life, supporting over 25% of ocean species. The vitality of these ecosystems is also underscored by the lucrative shark diving sector, which generates $113.8 million each year.

However, these invaluable ecosystems are under severe threat from coral bleaching, primarily driven by climate change-induced ocean heatwaves. Significant coral loss was reported throughout The Bahamas in 2023, marking a distressing trend that could foresee the demise of coral reefs by mid-century without decisive and innovative conservation strategies. Hayley-Jo Carr, director of the Reef Rescue Network, said: “By harnessing resilient coral species and employing advanced restoration techniques, the RRN, along with its partners and the global scientific community, is at the forefront of a critical battle to preserve these natural treasures for future generations.”

As the RRN continues to navigate the challenges and opportunities in coral conservation, the support and involvement of its partners, donors, and the community remain crucial. The recent donor event not only celebrated the achievements but also reinforced the collective resolve to restore and protect the vibrant coral ecosystems that are vital to the marine life and communities of The Bahamas.

The Reef Rescue Network’s development and outputs over the last two years have been made possible thanks to the support of The Compete Caribbean Partnership Facility (CCPF) which is a private sector development programme that delivers innovative and practical solutions that stimulate economic growth, increase productivity, and foster innovation and competitiveness. The CCPF works across 13 countries and is a partnership between the Inter-American Development Bank (IDB), the United Kingdom’s Foreign and Commonwealth Development Office (FCDO), the Caribbean Development Bank (CDB), and the Government of Canada. Further support has been provided by Disney Conservation Fund, Moore Bahamas Foundation, The Nature Conservancy and the Global Funds for Coral Reefs (GFCR), the latter of which is a blended finance instrument to mobilise action and resources to protect and restore coral reef ecosystems.

For more information on the Reef Rescue Network and how to get involved, visit https://www.PerryInstitute.org/.

 

Photo Captions: 

Header: Leaders in conservation and international delegates, including representatives from the IDB and the British High Commission, unite aboard with the Reef Rescue Network team, embodying a powerful coalition for coral restoration and sustainable development in The Bahamas.

1st insert: A highlight of the event, guests were treated to the rare sight of a spotted eagle ray, a reminder of the precious marine life the Reef Rescue Network strives to protect in The Bahamas’ pristine waters.

2nd insert: Daniela Carrera-Marquis, InterAmerican Development Bank Representative, meticulously tends to a coral nursery as part of the Reef Rescue Network’s hands-on approach to coral conservation, illustrating the powerful synergy between human effort and marine restoration in The Bahamas.

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