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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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Mother’s Pride Headlines Bahamian Takeover at Sixers-Heat Clash in Miami

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The Bahamas, March 30, 2026 – The voice of a proud mother captured the spirit of a nation Monday night, as Bendra Rolle shared heartfelt reflections on the overwhelming Bahamian support for her son, VJ Edgecombe, during the Philadelphia 76ers matchup against the Miami Heat in Miami.

“The patriotic support and scenery at my son, VJ Edgecombe’s NBA game… was overwhelming,” Rolle said in a statement issued following the game. “The arena in Miami was lit. Bimini and the Bahamas showed up and showed out.”

Her words come amid what has already been widely described as a remarkable showing of national pride, with Bahamians traveling in large numbers to South Florida to witness the young guard’s continued rise. For Rolle, however, the moment extended far beyond basketball.

“Beyond VJ’s basketball talents, I’m so moved by his magnetic personality and personal journey to inspire and excite an entire nation—our beloved Bahamas,” she said. “I thank God for VJ’s humility and for his hunger for greatness. He never forgets how far God has brought us.”

While the Sixers did not secure the win on the night, Edgecombe delivered a solid individual performance, finishing with 13 points and five assists. He made an early impact on the game, showing confidence and poise before foul trouble disrupted his rhythm, but still managed to leave his mark in meaningful minutes.

The game itself evolved into a cultural showcase, with Bahamian flags waving throughout the arena and chants ringing out in support of Edgecombe. Much of that presence was bolstered by a coordinated travel push from Bahamasair, which helped facilitate fan travel and added to the electric atmosphere in Miami.

Rolle said the emotional weight of the moment was deeply felt by her family, as they witnessed firsthand the unity and pride of the Bahamian people.

“Thanks and love for the tears and overwhelming joy on Monday, Bahamas,” she expressed. “The Bahamian flags were love, loud, and proud. On my own behalf, VJ, and the entire family, I am ever grateful for the indescribable experience.”

Her closing words underscored what many have described as the true victory of the night—not the final score, but the powerful display of national pride and support surrounding one of The Bahamas’ rising stars.

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Bahamasair Backs Surge as Bahamians Flood South Florida for V.J. Edgecombe Showdown  

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PHOTO BY SIXERS NATION

 

Bahamian pride is already on full display in South Florida, with fans arriving in strong numbers ahead of tonight’s highly anticipated NBA matchup featuring VJ Edgecombe and the Philadelphia 76ers.

Helping to power that movement was Bahamasair, which rolled out a strategic promotion to facilitate travel, turning the game into a full-scale national showing.

And the celebration started early.

A “Bahamas Invades Florida” pre-party over the weekend set the tone, with Bahamian fans, DJs and supporters converging in Fort Lauderdale to build momentum ahead of the game.  The event, marketed as a major cultural gathering, has spilled into Miami, where a strong Bahamian presence is expected inside the arena tonight.

This is no ordinary road game.

The Sixers enter the matchup healthy and are favoured to win, adding to the anticipation surrounding what many expect to be a standout performance by the Biminite guard.

Edgecombe, the third overall pick in the 2025 NBA Draft, has been electric in his rookie season — delivering high-scoring performances and quickly establishing himself as one of the league’s most exciting young talents.

But beyond the stats, it’s the moment that matters.

With South Florida just a short flight away, Bahamians have seized the opportunity to show up in force — flags, energy and all — transforming the game into something far bigger than basketball.

A national turnout.
A rising star.
And a night where the Bahamas is expected to be felt — from tip-off to final buzzer.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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Bahamas Warns Travellers as UN says Middle East Conflict May No Longer Be Contained

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The Bahamas, March 18, 2026 – Twenty days into the latest Middle East escalation, the United Nations is warning the conflict is spreading beyond its original battlefield, as the death toll rises and governments around the world issue urgent travel advisories — including The Bahamas.

In a March 17 statement, the UN Secretary-General’s office said the war must stop and called for all Security Council resolutions to be respected, noting with concern that countries in the Gulf continue to be targeted, raising fears of a wider regional confrontation.

The current round of fighting began February 28 with strikes involving the United States, Israel and Iranian-linked forces, followed by missile and drone attacks across Iraq, Lebanon and parts of the Gulf.

International monitors report more than 1,300 people killed in Iran alone, with additional casualties reported in Lebanon, Israel and Gulf states. U.S. officials confirm at least 13 American service members have died since the escalation began, while reports indicate additional senior Iranian military leaders were killed in recent strikes.

Despite the growing violence, several NATO countries including the United Kingdom, France and Germany have not joined offensive operations, instead calling for diplomacy to prevent the conflict from widening.

The Bahamas Ministry of Foreign Affairs has also issued a travel advisory, warning Bahamian nationals to avoid travel to Israel, Palestine, Iran and Lebanon and to reconsider travel across much of the Gulf region due to the risk of sudden escalation, flight disruptions and security threats.

Officials say Bahamians already in the region should remain vigilant and be prepared for rapidly changing conditions.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

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