Bahamas blasts Barbados in Battle of the Bonds


How the world received two different bond offers…

Barbados forced to withdraw bond offer

“Cash-strapped Barbados’ efforts to raise urgently needed money on the international markets have suffered a major setback with its withdrawal of a bond tender offer and buyback for up to US$250 million (BDS$500 million).”

October 4, 2013 Govt move to raise money hits a snag

Bahamas bond offer over-subscribed by factor of 20!

The Bahamas has received “a huge vote of confidence” after the Government’s $300 million foreign currency bond issue was 20 times’ oversubscribed, with investors accepting an interest rate almost one percentage point lower than anticipated.

James Smith, the former minister who is now a key Ministry of Finance adviser, yesterday confirmed to Tribune Business that the $300 million sovereign issue had received “a fairly robust response” from the international capital markets.

“I think they were closing the offering some time yesterday [Monday] afternoon,” Mr Smith said, revealing that it had attracted subscriptions worth $5-$6 billion – more than 20 times’ the amount sought.

January 15, 2014 Gov’ts $300m Bond Issue Oversubcribed ’20 Times’

“The ultimate piece of bad news for ordinary Bajans, as they call themselves, is that their Social Security fund has essentially invested about 80 percent of its assets in Barbadian public debt, which is now almost worthless. And so, you know, we’re looking at a major social catastrophe in paradise here…”

December 7, 2013 – James S. Henry: Barbados debt crisis and the “offshore haven” industry


Filed under Barbados, Economy

9 responses to “Bahamas blasts Barbados in Battle of the Bonds

  1. TJ

    It sounds as if Harlequin wasn’t the only Ponzi scheme in play. The government of Barbados is better at fraud than Dave Ames any day!

  2. Thanks for nothing!

    Barbados is a long way from the Bahamas, and the Bahamas profits from its close proximity to the USA, Miami and the entire east coast of the USA.

    We used to be worth the extra distance because we offered a culture, tourist experience and environment that were special. We forgot to maintain that special product. We forgot to remain upscale and we started to court mass tourism.

    The outcome is that no one wants to invest in the bond offering of a failed state. And that is what we are now: a failed state. Bankrupt, with little to draw on for the future and not even capable of maintaining our present debts without heavy borrowing.

    Thanks to Owen Arthur, David Thompson and Mr. Stuart and their gangs.

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