Fidelity Mid-Term Notes Successfully Listed On BISX
The Bahamas International Securities Exchange has announced that Fidelity Bank (Bahamas)
Limited (Fidelity) has successfully completed the listing process for four tranches
of Medium Term Notes. The Notes have been added to the roster of securities listed on the Exchange
and will trade through the BISX Automated Trading System (BATS). The four tranches of the Notes and their trading symbols are indicated below: Series A - FBB17 - Fixed Rate 7% - Due 2017 Anwer Sunderji Chief Executive Office of Fidelity said that the $25 million
in BISX listed notes are part of the $50 million note programme that Fidelity
announced in 2007. He said that the board was pleased with the investor response
and the subsequent listing of the notes would increase liquidity and allow investors
the opportunity to sell or buy on BISX. BISX is now able to list the secondary issues of BISX listed issuers, and this
issue became the first debt listing on the exchange. When BISX began trading
in May 2000, the only securities on the exchange were ordinary shares, however
to foster transparency in the Bahamian capital markets, BISX has expanded the
variety of investment products that it is able to list and trade. At present,
in addition to ordinary shares, BISX lists mutual funds, preference shares and
debt securities. Before being listed on the exchange, these debt securities went through an
extensive period of test trading by the exchange and BISX broker dealers to
ensure that all participants were prepared for the entry of debt securities
to the exchange and that the securities would trade in compliance with the BISX
trading rules. In addition Fidelity Bank Bahamas provided BISX with an interest
coupon schedule to ensure that the exchange had correct information on interest
amounts and payment dates. Speaking about the listing, Keith Davies, the BISX Chief Executive Officer
noted: "Fidelity Bank Bahamas has a long history with the Exchange, and
we are happy to welcome these new developments from them. We think that the
listing of these debt securities demonstrates the Exchange's ability to list
and trade multiple types of securities. We look forward to the future when the
listing of further issues of debt securities will allow Bahamian capital market
participants to develop a Bahamian yield curve." .
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