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‘Give Bahamians chance to buy low-price bonds’

FNM leader Michael Pintard.

FNM leader Michael Pintard.

By LYNAIRE MUNNINGS

lmunnings@tribunemedia.net

OPPOSITION leader Michael Pintard has urged the government to provide Bahamians with the opportunity to purchase international bonds while they are trading low.

In a press release issued recently, Mr Pintard noted the Davis administration’s “reckless” fiscal management contributing to the country’s declining bond position.

“The Opposition notes that The Bahamas bonds continue to trade well below their par value as has been acknowledged by the government’s own hired experts in the field,” said Mr Pintard.

“We recall that upon coming into office, the prime minister back in October 2021 said in his contribution to the supplementary budget that then bond price performance was due to what he termed poor fiscal management which led to weakened investor confidence.”

Mr Pintard noted that The Bahamas’ bond series 20/32 was trading at over 90 cents on the dollar in October of last year when Prime Minister Phillip “Brave” Davis commented on the matter, however currently those bonds are trading at 63 cents on the dollar.

He said despite the government’s critiques of the former administration, due to the Progressive Liberal Party, the situation has been made worse.

“In other words, despite his critique of the FNM government, all of the reckless fiscal actions of the Davis administration has only made the situation worse. As we have said before, the PLP needs to put down its incessant PR campaigns and photo-ops and get to the business of serious governance,” Mr Pintard said.

Mr Pintard urged the PLP to focus on “serious governance.”

He suggested in his statement that the government work with the Central Bank of The Bahamas to allow Bahamians to take advantage of the nine percent plus returns on the bonds.

“The FNM also recognises though that there is an opportunity with these heavily discounted bonds to allow more Bahamians to purchase these bonds and take advantage of the nine percent plus returns on the bonds.

“This will require the government to work with the Central Bank to perhaps create a special window to facilitate for ordinary Bahamians. But our understanding is that right now only a select number of sophisticated and wealthy Bahamians have access to these bonds.”

He said this partnership will allow the government to bring more of its foreign debt holdings onshore and allow ordinary Bahamians to participate and generate decent returns over the little or no interest being offered by most commercial banks.

Comments

tribanon 2 years, 3 months ago

LMAO. Pintard is definitely not a smart investor. He wants the small man on the street to be able to invest in the kryptonite foreign currency denominated bonds issued by our government that bondholders abroad are now wishing they never purchased given the deeply discounted prices of these bonds in the international debt markets.

Hell, even our local financial institutions (domestic commercial banks, local insurance companies, etc.) have been telling our government they have no ability from a risk standpoint to increase their holdings of Bahamian dollar denominated government bonds.

birdiestrachan 2 years, 3 months ago

He wants to tell the PLP government what to do but he could not tell the doc what to do folks missing from the looney farm the FNM left this mess in place

tribanon 2 years, 3 months ago

Yup, but corrupt Davis will still always be ever so much more worse. That's the harsh reality you choose not to chew on which probably makes you little different from Davis when it comes to sorely lacking good character, integrity and common sense.

birdiestrachan 2 years, 3 months ago

Pintard of toggie and boggie that was corruption then he goes through the streets talking about violence when violence is in his own FNM house

**The devil is loose

tribanon 2 years, 3 months ago

Let's not forget Davis, Nygard, plenty of parties and many young girls. LOL

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