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BAHAMAS: Country moves one step closer to electronic trading of Government bonds

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#Nassau, August 3, 2019 – Bahamas – The Ministry of Finance is pleased to announce that Bahamas Government Registered Stocks (BGRS) have been approved for listing on the Bahamas International Securities Exchange (BISX or the Exchange). This major step forward paves the way for Bahamians to be able to buy and sell Government bonds on the local securities exchange, and track the value of their investments using the online marketplace.

“We are getting ready to list over 200 government bonds, which (at the time of Press) represents the entire portfolio of outstanding securities going back to 1999. This will stimulate the entire Bahamian capital market, improve our financial market infrastructure, and increase accessibility to Government-backed investments for all Bahamians,” said K. Peter Turnquest, Deputy Prime Minister and Minister of Finance.

“This is another area where the Government is making good on its promise to modernize and keep pace with the digital transformation happening globally, and introduce more efficiency to the Government’s borrowing. Centralized market trading of Government bonds is an important component for the growth of the entire Bahamian capital market. It’s been a longtime in the making and I am proud that this Government’s leadership hashelped to finally bring this project to fruition,” said Minister Turnquest.

The transfer of the secondary market to the Exchange-is a major objective of the Financial Markets Modernization Project, a collaborative effort between the Ministry of Finance, the Central Bank of The Bahamas and BISX. The project seeks to create a centralized marketplace for all Bahamians dollar securities.Several changes are being implemented, including the creation of the centralized marketplace for all Bahamas Government debt dollar securities.

The project’s phases include: 1) Listing BGRS on BISX, 2) Launching a Bahamas Government Registered Stock Depository (BGSD), which will facilitate competitive bidding and other industry-specific market improvements; 3) Transition to a paperless registry, which involves the introduction of digital certificates for Government bonds; and, 4) Electronic trading.

“With this modernization of the country’s financial market infrastructure, Bahamians will now have easy access to investment information and market activity on all Government bonds, and there will be transparency around the pricing of Government securities. Lastly, Bahamians will be able to see and have an opportunity to trade outstanding securities on an open market,” said Minister Turnquest.

10 Things You Need to Know –About the Financial Markets Modernization Project

  1. From August 2019, Government bonds will be listed on BISX: outstanding securities and all future issuances of government bonds.
  2. It is anticipated that in November 2019, trading of Government bonds (i.e., buying and selling) will beginon The Bahamas International Securities Exchange (BISX).
  3. The daily value of individual investment holdings will be determined by market factors, such as demand and supply, and will be displayed publically on the Exchange. This means the price can move up or down.
  4. The initial prices will be set using the Central Bank’s existing pricing structure as currently available on the Central Bank’s website. These prices will apply until trading begins.
  5. Government bonds will no longer be fixed at par (which is the equivalent of the initial purchase price). They will be set by the market.
  6. Once Exchange trading begins, investors who have plans to sell their securities before maturity will be subject to the current market price and any associated fees.
  7. Exchange trading will have no impact on the maturing value of a security (for investments that are held to maturity).
  8. Regardless of the market value, interest and principal payments will not change from the terms set out in the respective Initial Public Offerings for all investors.
  9. Investors participating in new issuances of Government securities in excess of $100,000 will need to utilize a broker to purchase these securities. Those investors with existing holdings that were purchased through the Central Bank can continue to sell those holdings directly through the Central Bank or through a broker.
  10. Investors with existing holdings or new issuances $100,000 and below have the option of buying and selling those holdings directly through the Central Bank or through a broker.

Release: Ministry of Finance

Photo Caption: The Hon. K. Peter Turnquest, Deputy Prime Minister and Minister of Finance, accompanied by executives of the Central Bank of the Bahamas and BISX, commemorating the listing of Bahamas Government Registered Stock on BISX.  Pictured from left: Derek Rolle, Deputy Governor of the Central Bank; Keith Davies, BISX Chief Executive Officer; K. Peter Turnquest, Deputy Prime Minister and Minister of Finance; Andrew Strachan, BISX Chairman. 

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Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos 

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Dana Malcolm 

Staff Writer

After resounding success in the Bahamas, hit play ‘March On, The Story of Us’ has been inundated with requests to take their show on the road, and the first location they’ll be hitting is Providenciales Turks and Caicos with tickets on sale again this weekend, the show debuts Friday night.

Magnetic Media spoke to Gea Pierre, playwright, who told us the TCI was a natural first choice for the cast and crew where shows are set for Brayton Hall, for Friday May 10 at 8pm and Saturday has two showings; matinee at 4pm and evening, 8pm.

Tickets are $75 VIP. General admission is $60.

“We started ‘March On’ in November 2023 and it was really an opportunity for us to tell a story, the story of the Bahamas and to encompass the nations that we have an amazing relationship with like the Turks and Caicos,” she continued “We really got a lot of people calling [for the play] from [the TCI], so much so we really had to pay attentattention.

The response to ‘March On’ at home and abroad was overwhelming.

“To say it went well is an understatement, even before we opened we got calls from Canada, from all over the US with people wanting us to come and perform.”

And take the show on the road they did! Gea and her team have launched “March On: The Tour” and will be in Providenciales to perform on May 10th and 11th. It’s the first of a number of stops which include Nassau and several US locations.

Online tickets are available for purchase with credit cards. The full team returns on Friday, May 10 with the comedy production being held under the patronage of Washington Misick, TCI Premier and First Lady Delthia Misick.

Describing the close familial relationships between the TCI and the Bahamas, for many on the crew it will be like coming home Gea told us, for others it will be a treat to visit for the first time, the places that their grandparents described.

Gea maintained that the team wanted to keep the show as accessible to residents as possible.

As for why you should come out and see the play, other than the great price point:

“The way that people have responded to it is non stop laughter, people have been moved to tears because there’s some emotion. It does not only lend to Bahamians. It’s a family drama, and anyone who’s ever been a part of a family is going to get something out of it, and something moving.”

 

 

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The Bahamas Successfully Hosts Its Fourth World Athletics Relays

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NASSAU, Bahamas – Hundreds of people from around the world turned out in full force for the BTC World Athletics Relays Bahamas 24 that took place at the Thomas A. Robinson National Stadium, May 4 -5, 2024.

This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.

President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.

 

He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays.  However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.

During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.

 

He said, “Keep it simple, do not try to do anything extra.  Do what your coaches said.  Leave on time, leave on time, leave on time.”

The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony.  The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.

Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m.  A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified  for places at the Paris 2024 Olympic Games.   Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.

In fact, The Bahamas was able to take advantage of the second day of competition.

Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.

The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.

Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.

(BIS Photos/Kemuel Stubbs)

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PM at World Relays 2024 Opening: ‘Tonight, the eyes are on The Bahamas’

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NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes,  officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.

“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said.  “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”

He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”

Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.

“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated.  “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”

 

He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”

Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.

 

“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated.  “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”

“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added.  “I hope the races are swift, the results are inspiring, and the memories are lasting.

“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris.  As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open.  Let the games begin.”

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