Business

Central Bank issues first IPO for 2020

The Central Bank of The Bahamas (CBOB) issued its first initial public offering (IPO) for the new year on Monday, which the bank expects to be fully subscribed.

Central Bank Manager of Banking Cleopatra Davis said the first offering of the year is always monumental.

“It’s the first IPO for 2020 and we have an offering that opened today for $30.6 million…and we’re having quite a lot of initial interest on day one which is typically the expectation,” she said.

“We are still working with BISX (Bahamas International Securities Exchange) so that hopefully in the very near future there can be live trading on BISX with the Bahamas government registered stock (BGRS).”

Last month, BISX Chief Executive Officer Keith Davies confirmed that he expects trading to begin on government bonds, which were listed on the exchange in August, within the first few months of the year after being delayed two times.

The value of the more than 200 tranches of BGRS’ listed is $3.5 billion.

Government stocks are considered to be the most secure investment because of the capacity of governments to raise money to pay for what they borrow.

CBOB facilitated a $32.5 million IPO last month, which was fully subscribed.

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Paige McCartney

Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas. Paige started working as a business reporter in August 2016. Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News

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