Obligation Bahamasia 6.95% ( USP06518AE74 ) en USD

Bahamasia

100 % ▲

Bahamas

USP06518AE74 ( en USD )

6.95% par an ( paiement semestriel )

19/11/2029

Prospectus brochure de l'obligation Bahamas USP06518AE74 en USD 6.95%, échéance 19/11/2029

100 000 USD

300 000 000 USD

P06518AE7

20/11/2025 ( Dans 160 jours )

Les Bahamas sont un archipel de plus de 700 îles et îlots dans l'océan Atlantique, au large de la côte de la Floride, connues pour leurs eaux turquoise, leurs plages de sable blanc et leurs récifs coralliens.

L'Obligation émise par Bahamasia ( Bahamas ) , en USD, avec le code ISIN USP06518AE74, paye un coupon de 6.95% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 19/11/2029

O F F E R I N G M E M O R A N D U M
C O N F I D E N T I A L
25FEB200810060110
U.S.$300,000,000
The Commonwealth of The Bahamas
6.950% Notes due 2029
The Commonwealth of The Bahamas is offering U.S.$300,000,000 aggregate principal amount of
its 6.950% Notes due 2029. The notes will bear interest at the rate of 6.950% per year. Interest on the
notes is payable on May 20 and November 20 of each year, beginning on May 20, 2010. The notes will
mature on November 20, 2029. We may redeem some or all of the notes at any time. The redemption
prices are discussed under the caption ``Description of the Notes--Optional Redemption.''
The notes will be our direct, general, unsecured and unconditional obligations and will rank pari
passu, without any preference or priority of payment, among themselves and with all our other present
and future unsecured and unsubordinated indebtedness.
Application has been made to list the notes on the Luxembourg Stock Exchange, and to have the
notes admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange.
The notes have not been registered under the Securities Act of 1933, or any state securities laws.
Accordingly, the notes are being offered and sold by the initial purchasers within the United States
only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and
outside the United States in accordance with Regulation S under the Securities Act. Prospective
purchasers that are qualified institutional buyers are hereby notified that the seller of the notes may be
relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A.
For a description of certain restrictions on transfers of the notes, see ``Notice to Investors.''
Price: 99.466% plus accrued interest, if any, from November 20, 2009.
The initial purchasers expect to deliver the notes to purchasers, in book-entry form through the
facilities of The Depository Trust Company, on or about November 20, 2009.
RBC Capital Markets
FirstCaribbean International Bank (Bahamas) Limited
November 17, 2009

30OCT200917592342

You should rely only on the information contained in this offering memorandum. We have not
authorized anyone to provide you with different information. We are not, and the initial purchasers are
not, making an offer of these securities in any state or jurisdiction where the offer is not permitted.
You should not assume that the information contained in this offering memorandum is accurate as of
any date other than the date on the front of this offering memorandum.
Reference in this offering memorandum to ``The Bahamas,'' ``the Commonwealth,'' ``the
Government,'' ``we,'' ``us,'' and ``our'' refer to the Commonwealth of The Bahamas.
TABLE OF CONTENTS
Page
STATEMENT REGARDING FORWARD-LOOKING DISCLOSURE . . . . . . . . . . . . . . . . . . .
vii
PRESENTATION OF FINANCIAL AND OTHER INFORMATION . . . . . . . . . . . . . . . . . . . .
vii
SUBMISSION TO JURISDICTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
viii
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
THE COMMONWEALTH OF THE BAHAMAS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
THE ECONOMY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
MONETARY AND FINANCIAL SYSTEM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
EXTERNAL SECTOR OF THE ECONOMY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
GOVERNMENT ENTERPRISES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
GOVERNMENT FINANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
PUBLIC SECTOR DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
NOTICE TO INVESTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
OFFICIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
64
i

This offering memorandum has been prepared by us solely for use in connection with the
proposed offering of the securities described in this offering memorandum. This offering memorandum
is personal to each offeree and does not constitute an offer to any other person or to the public
generally to subscribe for or otherwise acquire securities. Distribution of this offering memorandum to
any person other than the prospective investor and any person retained to advise such prospective
investor with respect to its purchase is unauthorized, and any disclosure of any of its contents, without
our prior written consent, is prohibited. Each prospective investor, by accepting delivery of this offering
memorandum, agrees to the foregoing and to make no photocopies of this offering memorandum.
Notwithstanding anything in this offering memorandum to the contrary, each prospective investor
(and each employee, representative or other agent of the prospective investor) may disclose to any and
all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any offering
and all materials of any kind (including opinions or other tax analyses) that are provided to the
prospective investor relating to such U.S. tax treatment and U.S. tax structure, other than any
information for which nondisclosure is reasonably necessary in order to comply with applicable
securities laws.
We have furnished the information contained in this offering memorandum. The initial purchasers
make no representation or warranty, express or implied, as to the accuracy or completeness of the
information contained in this offering memorandum. Nothing contained in this offering memorandum
is, or shall be relied upon as, a promise or representation by the initial purchasers as to the past or
future. The initial purchasers have not independently verified any of the information contained herein
(financial, legal or otherwise) and assume no responsibility for the accuracy or completeness of any
such information.
Neither the U.S. Securities and Exchange Commission, any state securities commission nor any
other regulatory authority, has approved or disapproved of the securities nor have any of the foregoing
authorities passed upon or endorsed the merits of this offering or the accuracy or adequacy of this
offering memorandum. Any representation to the contrary is a criminal offense.
The notes are subject to restrictions on transferability and resale and may not be transferred or
resold except as permitted under the U.S. Securities Act of 1933, referred to as the Securities Act, and
applicable state securities laws pursuant to registration or exemption therefrom. As a prospective
purchaser, you should be aware that you may be required to bear the financial risks of this investment
for an indefinite period of time. Please refer to the sections in this offering memorandum entitled
``Plan of Distribution'' and ``Notice to Investors.''
In making an investment decision, prospective investors must rely on their own examination of us
and the terms of the offering, including the merits and risks involved. Prospective investors should not
construe anything in this offering memorandum as legal, business or tax advice. Each prospective
investor should consult its own advisors as needed to make its investment decision and to determine
whether it is legally permitted to purchase the securities under applicable legal investment or similar
laws or regulations.
In this offering memorandum, we rely on and refer to certain economic and financial data. We
obtained some of this data from independent publications or other publicly available information. To
our knowledge, based on the information provided, no facts have been omitted which would render
such information misleading.
We confirm that to the best of our knowledge, as of the date of this offering memorandum, the
information contained in this offering memorandum relating to The Bahamas and the notes is in all
material respects in accordance with the facts and does not omit anything likely to affect the import of
such information in any material respect. We are responsible for the accuracy and completeness of the
information contained in this offering memorandum.
ii

This offering memorandum contains summaries that to our knowledge are accurate with respect to
certain documents, but reference is made to the actual documents for complete information. All such
summaries are qualified in their entirety by such reference. Copies of documents referred to herein will
be made available to prospective investors upon request to us or the initial purchasers.
In connection with this offering, and for the sole purposes of stabilization activity which impacts
upon the United Kingdom, RBC Capital Markets Corporation and FirstCaribbean International Bank
(Bahamas) Limited may over-allot or effect transactions with a view to supporting the market price of
the notes at a level higher than that which might otherwise prevail for a limited period after the
issuance of the notes. However, there is no obligation on RBC Capital Markets Corporation and
FirstCaribbean International Bank (Bahamas) Limited to do this. Such stabilizing, if commenced, may
be discontinued at any time and must be brought to an end after a limited period.
iii

NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR
A LICENSE HAS BEEN FILED UNDER RSA 421-B WITH THE STATE OF NEW HAMPSHIRE
NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS
LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE
SECRETARY OF STATE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE,
COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT
AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION
MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS
OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO
ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION
INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
NOTICE TO RESIDENTS OF GERMANY
FOR THE OFFERED SECURITIES, NO PROSPECTUS HAS BEEN ISSUED, AUTHORIZED
OR PUBLISHED IN GERMANY. ACCORDINGLY, THE OFFERED SECURITIES MAY NOT BE
PUBLICLY OFFERED, SOLD OR DISTRIBUTED IN GERMANY OR FROM GERMANY AND
THIS OFFERING MEMORANDUM IS FOR THE RECIPIENT ONLY AND MAY NEITHER BE
FORWARDED TO ANY OTHER PERSON NOR TO THE PUBLIC IN GERMANY NOR FROM
GERMANY TO ANY OTHER PERSON OR TO THE PUBLIC OUTSIDE GERMANY. THE
OFFERED SECURITIES MAY, HOWEVER, BE OFFERED AND THIS OFFERING
MEMORANDUM MAY BE DISTRIBUTED IN GERMANY ON A PROFESSIONAL BASIS TO A
LIMITED NUMBER OF INVESTORS IN CIRCUMSTANCES QUALIFYING FOR THE
EXEMPTION UNDER SECTION 3(2) OF THE GERMAN SECURITIES PROSPECTUS ACT
(WERTPAPIERPROSPEKTGESETZ) OF 22ND JUNE 2005.
NOTICE TO RESIDENTS OF IRELAND
THE OFFERING OF NOTES IS NOT BEING MADE, DIRECTLY OR INDIRECTLY, TO
THE PUBLIC IN IRELAND AND NO OFFER OR SALE OF ANY NOTES OR SECURITIES
UNDER OR IN CONNECTION WITH SUCH OFFER MAY BE EFFECTED EXCEPT IN
CONFORMITY WITH THE PROVISIONS OF IRISH LAW INCLUDING THE IRISH
COMPANIES ACTS 1963 TO 2006, THE PROSPECTUS (DIRECTIVE 2003/71/EC)
REGULATIONS 2005 OF IRELAND, THE EUROPEAN COMMUNITIES (MARKETS IN
FINANCIAL INSTRUMENTS) REGULATIONS 2007 OF IRELAND AND THE MARKET ABUSE
(DIRECTIVE 2003/6/EU) REGULATIONS 2005 OF IRELAND.
NOTICE TO RESIDENTS OF THE UNITED KINGDOM
THIS OFFERING MEMORANDUM AND ANY OTHER DOCUMENT IN CONNECTION
WITH THE OFFERING AND ISSUANCE OF THE OFFERED SECURITIES MAY ONLY BE
ISSUED OR PASSED ON TO A PERSON OF A KIND DESCRIBED IN ARTICLE 49(2) OF THE
FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005
OR IS A PERSON TO WHOM THIS OFFERING MEMORANDUM OR ANY OTHER SUCH
DOCUMENT MAY OTHERWISE LAWFULLY BE ISSUED OR PASSED ON (ALL SUCH
PERSONS TOGETHER BEING REFERRED TO AS ``RELEVANT PERSONS''). ANY
INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS OFFERING MEMORANDUM
RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN
ONLY WITH RELEVANT PERSONS.
iv

NOTICE TO RESIDENTS OF THE NETHERLANDS
NO NOTES HAVE BEEN, DIRECTLY OR INDIRECTLY, OFFERED OR SOLD AND WILL
NOT BE, DIRECTLY OR INDIRECTLY, OFFERED OR SOLD IN THE NETHERLANDS
OTHER THAN TO PERSONS WHO ARE QUALIFYING INVESTORS (GEKWALIFICEERDE
BELEGGERS) WITHIN THE MEANING OF ARTICLE 1:1 OF THE 2006 ACT ON FINANCIAL
SUPERVISION (WET OP HET FINANCIEEL TOEZICHT) AS AMENDED FROM TIME TO
TIME UNLESS ONE OF THE OTHER EXEMPTIONS OR EXCEPTIONS TO THE
PROHIBITION CONTAINED IN ARTICLE 5:2 OF THE 2006 ACT ON FINANCIAL
SUPERVISION (WET OP HET FINANCIEEL TOEZICHT) IS APPLICABLE AND THE
CONDITIONS ATTACHED TO SUCH EXEMPTION OR EXCEPTION ARE COMPLIED WITH.
NOTICE TO RESIDENTS OF THE EUROPEAN ECONOMIC AREA
IN RELATION TO EACH MEMBER STATE OF THE EUROPEAN ECONOMIC AREA
WHICH HAS IMPLEMENTED THE PROSPECTUS DIRECTIVE (EACH, A ``RELEVANT
MEMBER STATE''), EACH INITIAL PURCHASER HAS REPRESENTED AND AGREED THAT
WITH EFFECT FROM AND INCLUDING THE DATE ON WHICH THE PROSPECTUS
DIRECTIVE IS IMPLEMENTED IN THAT RELEVANT MEMBER STATE (THE ``RELEVANT
IMPLEMENTATION DATE''), IT HAS NOT MADE AND WILL NOT MAKE AN OFFER OF
NOTES WHICH ARE THE SUBJECT OF THE OFFERING CONTEMPLATED BY THIS
OFFERING MEMORANDUM TO THE PUBLIC IN THAT RELEVANT MEMBER STATE
OTHER THAN:
(A) TO LEGAL ENTITIES WHICH ARE AUTHORIZED OR REGULATED TO OPERATE
IN THE FINANCIAL MARKETS OR, IF NOT SO AUTHORIZED OR REGULATED,
WHOSE CORPORATE PURPOSE IS SOLELY TO INVEST IN SECURITIES;
(B) TO ANY LEGAL ENTITY WHICH HAS TWO OR MORE OF (1) AN AVERAGE OF AT
LEAST 250 EMPLOYEES DURING THE LAST FINANCIAL YEAR; (2) A TOTAL
BALANCE SHEET OF MORE THAN EURO 43,000,000 AND (3) AN ANNUAL NET
TURNOVER OF MORE THAN EURO 50,000,000, AS SHOWN IN ITS LAST ANNUAL
OR CONSOLIDATED ACCOUNTS; OR
(C) TO FEWER THAN 100 NATURAL OR LEGAL PERSONS (OTHER THAN QUALIFIED
INVESTORS AS DEFINED IN THE PROSPECTUS DIRECTIVE) SUBJECT TO
OBTAINING THE PRIOR CONSENT OF THE REPRESENTATIVE; OR
(D) IN ANY OTHER CIRCUMSTANCES FALLING WITHIN ARTICLE 3(2) OF THE
PROSPECTUS DIRECTIVE,
PROVIDED THAT NO SUCH OFFER OF NOTES SHALL REQUIRE US OR EITHER OF THE
INITIAL PURCHASERS TO PUBLISH A PROSPECTUS PURSUANT TO ARTICLE 3 OF THE
PROSPECTUS DIRECTIVE.
FOR THE PURPOSES OF THIS PROVISION, THE EXPRESSION AN ``OFFER OF NOTES
WHICH ARE THE SUBJECT OF THE OFFERING CONTEMPLATED BY THIS OFFERING
MEMORANDUM TO THE PUBLIC'' IN RELATION TO ANY OFFERED SECURITIES IN ANY
RELEVANT MEMBER STATE MEANS THE COMMUNICATION IN ANY FORM AND BY ANY
MEANS OF SUFFICIENT INFORMATION ON THE TERMS OF THE OFFER AND THE
OFFERED SECURITIES TO BE OFFERED SO AS TO ENABLE AN INVESTOR TO DECIDE
TO PURCHASE OR SUBSCRIBE FOR THE OFFERED SECURITIES, AS THE SAME MAY BE
VARIED IN THAT MEMBER STATE BY ANY MEASURE IMPLEMENTING THE PROSPECTUS
DIRECTIVE IN THAT MEMBER STATE AND THE EXPRESSION ``PROSPECTUS
DIRECTIVE'' MEANS DIRECTIVE 2003/71/EC AND INCLUDES ANY RELEVANT
IMPLEMENTING MEASURE IN EACH RELEVANT MEMBER STATE.
v

NOTICE TO RESIDENTS OF JAPAN
THE OFFERED SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE FINANCIAL INSTRUMENTS AND EXCHANGE LAW OF JAPAN (THE
``FINANCIAL INSTRUMENTS AND EXCHANGE LAW'') AND THE INITIAL PURCHASERS
HAVE AGREED THAT THEY WILL NOT OFFER OR SELL ANY OFFERED SECURITIES,
DIRECTLY OR INDIRECTLY, IN JAPAN OR TO, OR FOR THE BENEFIT OF, ANY RESIDENT
OF JAPAN (WHICH TERM AS USED HEREIN MEANS ANY PERSON RESIDENT IN JAPAN,
INCLUDING ANY CORPORATION OR OTHER ENTITY ORGANIZED UNDER THE LAWS
OF JAPAN), OR TO OTHERS FOR RE-OFFERING OR RESALE, DIRECTLY OR INDIRECTLY,
IN JAPAN OR TO A RESIDENT OF JAPAN, EXCEPT PURSUANT TO AN EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF, AND OTHERWISE IN COMPLIANCE WITH, THE
FINANCIAL INSTRUMENTS AND EXCHANGE LAW AND ANY OTHER APPLICABLE LAWS,
REGULATIONS AND MINISTERIAL GUIDELINES OF JAPAN.
NOTICE TO RESIDENTS OF THE BAHAMAS
PURSUANT TO SECTION 54 OF THE SECURITIES INDUSTRY ACT (CHAPTER 363 OF
THE STATUTE LAWS OF THE BAHAMAS 2000 EDITION), THIS OFFERING MEMORANDUM
IS EXEMPT FROM THE REGISTRATION REQUIREMENTS SET OUT IN THE SAID ACT.
ACCORDINGLY, THIS OFFERING MEMORANDUM HAS NOT BEEN APPROVED BY OR
REGISTERED WITH THE SECURITIES COMMISSION OF THE BAHAMAS.
NOTICE TO RESIDENTS OF BERMUDA
THIS OFFERING MEMORANDUM RELATES TO A PRIVATE PLACEMENT AND DOES
NOT CONSTITUTE AN OFFER TO THE PUBLIC IN BERMUDA TO SUBSCRIBE FOR THE
OFFERED SECURITIES. THE OFFERED SECURITIES MAY ONLY BE OFFERED TO THOSE
PERSONS DEFINED AND MORE PARTICULARLY SET OUT IN THE SCHEDULE TO THE
INVESTMENT BUSINESS (EXEMPTIONS) ORDER 2004. THIS OFFERING MEMORANDUM
MAY NOT BE REPRODUCED OR USED FOR ANY OTHER PURPOSE, NOR BE FURNISHED
TO ANY OTHER PERSON OTHER THAN THOSE TO WHOM COPIES HAVE BEEN SENT.
NOTICE TO RESIDENTS OF THE CAYMAN ISLANDS
NEITHER THE INITIAL PURCHASERS NOR THE COMMONWEALTH SHALL OFFER
AND SELL THE OFFERED SECURITIES FROM A PLACE OF BUSINESS WITHIN THE
CAYMAN ISLANDS TO MEMBERS OF THE PUBLIC IN THE CAYMAN ISLANDS.
NOTICE TO RESIDENTS OF THE REPUBLIC OF TRINIDAD AND TOBAGO
THE NOTES SHALL BE OFFERED TO NO MORE THAN THIRTY-FIVE (35) PERSONS IN
THE AGGREGATE IN TRINIDAD AND TOBAGO AND THE DISTRIBUTION SHALL NOT BE
PREVIOUSLY NOTIFIED IN WRITING TO THE TRINIDAD AND TOBAGO SECURITIES AND
EXCHANGE COMMISSION IN ACCORDANCE WITH SECTION 75(3) AND (4) OF THE
SECURITIES INDUSTRY ACT. ONLY PERSONS TO WHOM AN OFFER OR INVITATION TO
PURCHASE NOTES IS MADE DIRECTLY BY THE INITIAL PURCHASERS WILL BE
ENTITLED TO PURCHASE SAME. THE ISSUER HAS NOT REGISTERED THE NOTES
UNDER THE SECURITIES INDUSTRY ACT.
vi

STATEMENT REGARDING FORWARD-LOOKING DISCLOSURE
This offering memorandum includes forward-looking statements which represent the Government's
expectations or beliefs concerning future events that involve risks and uncertainties, including those
associated with the effect on The Bahamas of Bahamian, U.S. and worldwide economic conditions, the
ability of the Government to implement its strategies for economic growth, the ability of the
Government to continue to attract tourists to The Bahamas, the possible effect of a hurricane on the
Bahamian economy and other factors. Other than statements of historical facts included in this offering
memorandum, all statements, including statements under ``Summary of the Offering,'' ``The
Commonwealth of The Bahamas,'' ``The Economy,'' ``Monetary and Financial System,'' ``External
Sector of the Economy,'' ``Government Finance,'' ``Public Sector Debt'' and elsewhere herein, are
forward-looking statements. Although the Government believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such expectations will prove to
be correct. Certain important factors that could cause actual results to differ materially from the
Government's expectations are disclosed in this offering memorandum, including in conjunction with
the forward-looking statements included in this offering memorandum.
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
In this offering memorandum, unless otherwise specified, all currency amounts are denominated in
Bahamian dollars ($). The Bahamian dollar circulates freely with the U.S. dollar (U.S.$) in The
Bahamas and its value has been maintained by the Government at parity with the U.S. dollar since
1973, as described in ``Monetary and Financial System--Exchange Rates and Exchange Controls.''
All economic and financial data included in this offering memorandum are presented on a
calendar year basis, except for Government revenue and expenditure data (historical and budgetary)
which are presented on a fiscal year basis and except for other data as otherwise indicated. The fiscal
year of The Bahamas currently consists of the twelve months ending June 30 of each year. Government
finance statistics are compiled in accordance with the government finance statistics manual prepared by
the International Monetary Fund, or the ``IMF.''
Certain revenue, expenditure and other financial information included in this offering
memorandum for certain fiscal periods, and certain economic data for certain calendar years, are
available only on a provisional basis pending final compilation and completion of analysis by the
Government as described in ``Government Finance--Budget Process.'' Government accounts are
considered ``provisional'' until the audit report, prepared by the Auditor-General, relating to such
accounts is presented to Parliament. Provisional information is identified herein as ``2008(p)'' or ``Fiscal
2007/2008(p)'' and provisional information for other fiscal years is referred to in a corresponding
manner. The fiscal year 2005/2006 through 2006/2007 accounts have been audited by the Auditor-
General and have been submitted to Parliament. Therefore, we are providing any revenue, expenditure
and other financial information included in this offering memorandum for any fiscal year subsequent to
2006/2007, and any economic data included in this offering memorandum for any calendar year
subsequent to 2006, on a provisional basis.
Estimates of Gross Domestic Product, or GDP, and its components that are included in this
offering memorandum have been prepared by the Department of Statistics of the Commonwealth of
The Bahamas.
As used herein, the term ``public sector debt'' includes direct internal and external debt of the
Government and, unless the context otherwise requires, internal and external debt of the public
corporations of The Bahamas. In light of the Government's ownership interest in these entities, the
Government is the guarantor by contract of certain indebtedness of the public corporations, and the
incurrence of any debt by the public corporations is subject to Government approval. The Government
also provides financial assistance to certain of these public corporations to enable them, among other
vii

things, to meet their obligations under various loan agreements as described in ``Government
Enterprises--Public Corporations'' and ``Public Sector Debt.''
Components contained in tabular information in this offering memorandum may not add up to the
totals set forth in the tables due to rounding.
As used herein, the term ``n.a.'' is used to identify economic or financial data that is not available.
SUBMISSION TO JURISDICTION
The Bahamas is a foreign sovereign government. Consequently, it may be difficult for investors to
obtain or realize judgments of courts in the United States against The Bahamas. The Government will
(1) agree that any legal suit, action or proceeding arising out of or relating to the notes may be
instituted by the noteholders in any U.S. federal or New York state court of competent jurisdiction
located in the Borough of Manhattan, The City of New York, New York, (2) to the fullest extent that it
may effectively do so under applicable U.S. law, waive any objection to venue of any such legal suit,
action or proceeding, and (3) subject to certain exceptions, waive any immunity (including sovereign
immunity) from the jurisdiction of any such U.S. federal or New York state court of competent
jurisdiction located in the Borough of Manhattan, The City of New York, New York. The Government
has appointed the Consul General of the Commonwealth of The Bahamas in New York, New York, as
its agent for service of process. The above-mentioned submission to jurisdiction, appointment of an
agent for service of process and waiver of immunity are subject to significant limitations and
qualifications as set forth under ``Description of the Notes--Governing Law and Submission to
Jurisdiction.''
viii