Bahamas Decides to Wait

After finishing fixed-income investor meetings this month, Bahamas has decided to wait on its international bond plans, according to a finance ministry spokesperson. “From our point of view, feedback was positive but we took the decision to start investor meetings early and want to issue in 2014,” says spokesperson. The sovereign tends to issue every 4-5 years, but is under no funding pressure to issue. While Bahamas would consider a similar size and tenor to its last bond transaction, it would also consider any tenor between 10 and 30 years. The A3/A minus borrower sold $300m in 2029 bonds at a yield of 7.0% in 2009, while getting $400m in orders. The 2029 bonds were seen trading to yield 5.75% last week. JPMorgan and RBC managed the meetings.