Background
It was around November, 2019, the Government of The Bahamas announced a Rate Reduction Bond for Bahamas Power and Light of $580 million. This amount of $580 million, is $70 million less than what was previously announced of $650 million. The Bahamas Government had also stated at the time of the announcement that the terms and conditions associated with the $580 million bond placement were still being worked out as the rating agencies, Moody’s, Fitch and or Standard and Poor’s had not reviewed the offering to develop the appropriate pricing of the bonds, where the pricing in effect, is the interest rate placed on these bonds.
The borrowing by the Government of The Bahamas on behalf of BPL has created some degree of anxiety in some quarters, among residential and commercial subscribers of BPL services. This anxiety is due in no small measure to the proposed price increase in the price electricity to assist in offsetting the cost associated with financing the BPL bond. There is a proposed price increase of 15% by consumers, both residential and commercial consumers to finance the BPL Bond.
Project Requirement
This Paper will account for 10% pf your course grade. This project is expected to be a minimum of 12-15 pages typewritten, with all of the appropriate references.
Your Paper is expected to answer the following questions, inter alia:
1. What is your understanding of the Rate Reduction Bond? What is the purpose behind the Bond? Why is it referred to as a rate reduction bond?
2. What is the relevance/importance of having the bonds rated by international agency, i.e. Standard and Poor’s, Fitch and or Moody’s? What is the significance, if any, of a favorable rating by one or more of these rating agencies?
3. What are your thoughts based on your own research/analysis, of the approach taken by the Government of The Bahamas to improving the efficiency of the corporation through this, i.e. Bond Placement, and other measures to improve the efficiency of the corporation?
4. Based on your analysis, what are your general thoughts on the 15% increase in electricity bills?
5. What impact, if any, will the increase have for the following entities:
a. Consumers
b. Business community
c. General economy of The Bahamas
6. What recommendations, if any, will you provide to the Government of The Bahamas based on your research as it relates to this topic?
7. Conclusion
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