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Turnquest Criticises ‘Misleading’ Reports On Loans

Peter Turnquest

Peter Turnquest

By LEANDRA ROLLE

Tribune Staff Reporter

lrolle@tribunemedia.net

FINANCE Minister Peter Turnquest yesterday criticised reports accusing the government of acquiring loans from banks caught up in controversy, insisting such claims are “very incorrect” and “misleading”.

The minister was responding to allegations in a local tabloid about the financial institution used by the government to secure its latest bond financing offering.

Asked about the issue before yesterday’s Cabinet meeting, the deputy prime minister replied: “I saw a tabloid speaking to the credibility of one of the participants, the book runner (for) the latest bond offering which is very unfortunate and I guess I’ll leave it there,” he told reporters before yesterday’s Cabinet meeting.

“But safe to say that the holders of our debt are not necessarily the institutions that act as the book runner or market maker for these issuances. The bonds are actually held by institutional investors throughout the United States and Europe in various chunks.

“So, it is very incorrect and misleading to say that a financial institution is in fact holding our debt or somehow whatever actions they may have been involved in or whatever would’ve had anything to do with... our paper or the credit that we’ve been able to receive.

“I think it’s mischievous. I think it’s very misleading and it’s unfortunate, but again we’ll talk a little bit more about that.”

On Monday, the Ministry of Finance announced that it had secured $600m from overseas investors via an international bond offering. According to Mr Turnquest, the $600m bond offering is “the largest chunk” of the debt financing that the government will seek to cover its $1.327bn deficit and finance the public sector.

Since the announcement, many questions have arisen about the offering. Yesterday, Mr Turnquest said more details will be announced shortly.

“I know that there are some concerns about the interest rate and the tenors. We will talk a little about that in detail. There’s also some concern about why we will go to an international offer versus a domestic offer and we’ll talk about that a little bit, to explain to Bahamians what we are trying to achieve,” he said.

“We do have another $400m in change left in our borrowing resolution that we will try to source primarily from the domestic market but we’ll work that out based on the economic activity over the next couple of months to see where we are and what our needs may be.”

Comments

TalRussell 1 month, 2 weeks ago

Since in explaining mode, what about (a) why are 600 workers still needed for a 98% grounded fleet aircrafts still remaining on PopoulacesPurses parole? Are the Royal Constabulary Commish's investigators, still searching colony-wide, and internationally for the now nearing 2-years since the fake OBAN's, files, supposedly had simply vanished? (c) Have the Numbers Houses, paid up to date on their taxes, etc? (d) Any final end deal financial details are be divulged pertaining to the Bernard Road Hôtel's rental? Shakehead once for Yeah, Twice for Not?

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tribanon 1 month, 2 weeks ago

Repost:

Can any sane person imagine these three incompetent clowns (Turnquest, Johnson and Jibrilu) negotiating the best available borrowing terms for our nation with international investors and their foreign lawyers? We got taken to the chop shop big time!

At a yield of about 10% per annum, this bond issue will yield for the investing lenders over a ten-year period interest payments totalling more than the US$600 million initial principal amount of the borrowing itself.

And to think this borrowing under outrageous terms is intended to allow government to continue paying the civil work force (including parliamentarians) their full salary and benefits while many in the private sector have had their pay and benefits significantly reduced, assuming they still even have a job. The cruelty here of the corrupt Minnis-led FNM administration is beyond comprehension!

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benniesun 1 month, 2 weeks ago

The politicians elected by the Bahamian population reflect the composition of our population. The low intellect, hatred of excellence, hubris and avarice of the politicians reflect those same qualities of the general population. In my posts I have clued everyone in to the major factors influencing the lockdown, and now leaders are in panic mode as the clues are beyond them and do not compute.

The Bahamas is now F.U.B.A.R.-ed. There is no return and this is definitely not going to end well - the wise among us will prepare accordingly. In a prior post I gave out the position our politicians are in re:

"...our leaders are like kindergartners competing against a professional football team - the same team that designed and created the football game (the field, the football, and its rules). The turf of the field is composed of an intricate tapestry woven with the threads of the United Nations, Secret Services, The Crown, City States, The Bank for International Settlements (Basel), Mafia and Other Criminal Organizations, armed forces, International Corporations, NGOs, etc.... The kindergartners do not understand the relationships between those threads let alone understand their true functions. The football is made of banking, capitalism and the stock market. Our ignorant politicians do not fathom the functioning of the ponzi scheme called capitalism and the casino called stock market; both controlled by the competition taking the roles of houseman and initiator."

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Chucky 1 month, 2 weeks ago

Foolish and naive comment.

For one, democracy as we experience it is a farce.

People are not given opportunity to vote for candidates of their choosing.

The game is rigged. People can only vote for the chosen ones who are allowed to run.

The chosen ones are the ones that the ruling class allow.

The people are given a list of idiots / criminals to pick from as candidates who made the cut.

The press, political donors etc control who can be a political candidate. Anyone who wants to run as a candidate, who holds views or opinions that differ from the establishment’s, or who may possibly upset the applecart if elected, well they are either given no platform, or smeared by the press, they are definitely not supported by donors and will definitely fade a way rather than make it through any campaign stage and to the ballet.

Anyone with sense knows that democracy is a farce. The sad reality is that the ruling class will only allow the offering of a few “ approved candidates “ for any particular seat; and the democratic offer allows you to pick one of those idiots. That’s all.

You will never ever get the opportunity to vote on a new class of leaders who could possibly reform the system in favour of the small man/woman.

They people who own and control everything will never allow this.

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benniesun 1 month, 2 weeks ago

Not just democracy is a farce, but all forms of government and religion given to us by TPTB. TPTB own us and manipulate us through indoctrination into the systems they gave us. The controlling world order was established since the inception of this civilization, and talks of a NWO is also a farce and a distraction.

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