PRESS RELEASE – FOR IMMEDIATE PUBLICATION
THE GOVERNMENT OF THE COMMONWEALTH OF THE BAHAMAS SUCCESSFULLY LISTS US$300 MILLION BOND NOTES ON THE BAHAMAS INTERNATIONAL SECURITIES EXCHANGE (BISX)
Friday, June 18, 2010
The Bahamas International Securities Exchange (BISX) announced today that the Government of The Commonwealth of The Bahamas has successfully completed the secondary listing process for its US$300 Million 6.950% Notes due 2029 (“the Notes”). As a result, the Notes have been added to the roster of securities listed on the Exchange. The Notes will be listed on BISX under the symbol BAH29.
The Notes will maintain a Secondary Listing status on the Exchange, with the primary listing for the Notes being on the Luxembourg Stock Exchange, therefore, the Notes will not trade over BISX. As is customary with Secondary Listings, the primary responsibility for regulatory reporting matters will rest with the Luxembourg Stock Exchange.
Ian Fair, BISX’s Chairman commented on the Government listing stating, “This is a very positive move on the part of the Government and we are grateful for their support of BISX. This is a goal we have had for a long time and is another milestone achieved in our development”
Speaking about the listing Keith Davies, the BISX Chief Executive noted: “We believe that this is a very positive step for the Exchange, we have a long held belief that Bahamas Government Registered Stock (BGRS) should be listed on what is effectively the national stock exchange of The Bahamas.”
This listing also represented the first BISX listing to take place under Section 9 of the BISX Rules – Secondary Listings. Speaking about the Secondary Listing Facility of BISX, Mr. Davies noted: “I believe that our Secondary Listing Facility is an interesting option for a certain type of security, specifically securities that are listed on another exchange but that wish to retain ties to The Bahamas. Securities listed in this fashion would be primarily regulated by their primary exchange, the securities would not be traded over the exchange, rather BISX would report the securities’ closing price from their primary listed exchange.”
Mr. Davies went on to note: “One of the things that we have tried to develop at BISX is offering a variety of listing options that meet the varied needs of issuers in our market. We are excited by this first ever debt listing by the Government of The Commonwealth of The Bahamas, and we eagerly await the day when all Bahamian Government debt is listed and traded in The Bahamas on BISX.”
NOTE: Attached to this message is the BISX Formal Notice for the Government of The Commonwealth of The Bahamas Notes. This notice advises the public of the securities to be listed on the Exchange and the symbol of the listed securities.
For Additional Information Contact:
Holland Grant
BISX Listing Manager
Tel: 242-323-2330
Fax: 242-323-2320
Email: info@bisxbahamas.com