The Tribune

The Bahamas International Securities Exchange (BISX) has announced that Fidelity Bank (Bahamas) Limited has successfully completed the listing process for their Series E Redeemable 6 per cent Fixed Rate Notes due 2018 (the “Notes”) which are now listed on the Exchange under the symbol FBB18. The Notes have been added to the roster of securities listed on the Exchange and will trade through the BISX Automated Trading System (BATS).

CEO of Fidelity Bank, Anwer Sunderji said: “Fidelity is pleased to have been able to issue and list $10m in new Series E Notes as its seeks to both finance its expansion and add to its growing base of investors. Through its Note offerings, Fidelity seeks to create unique investment opportunities through which to enable Bahamian investors to diversify their Bahamian dollar investment portfolios.”

BISX is able to list the secondary issues of public companies, the first company to take advantage to this was Fidelity Bank (Bahamas) Limited in September 2008 with the listing of four Medium Term Notes on BISX. Since that listing the number of secondary issues listed on BISX has expanded to 7 issues from 4 companies. These securities have seen high liquidity as evidenced by their high trading volumes, and the security of trading over an organized exchange. FBB18 will become the eighth secondary issue to have been listed on the Exchange.

Speaking about the FBB18 listing, Keith Davies, the BISX Chief Executive Officer said: “Fidelity Bank (Bahamas) Limited has a long history with the Exchange, and we are happy to welcome this new issue from them. They have shown belief in our secondary issue listing facility that we have truly appreciated. We believe the fact that these new notes were listed on BISX speaks to the value that issuers receive from these listings.”

Speaking further, Mr Davies said: “Issuers benefit from a broader base of investors and a centralised location for the trading of their securities on the Exchange. National Stock Exchanges only thrive in a country when all market participants buy into the benefits that accrue from a nation having a regulated securities Exchange. Fidelity and BISX have both benefited from the listing of these notes, but as Anwer noted, I believe that Bahamian investors benefited the most from the ability to trade secondary issues over a regulated exchange.”