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Prospectus: Re-opening of 3.40% Three-Year Government of Mauritius Treasury Notes

On 24 June 2016, the Bank of Mauritius issued 3.40% Benchmark Three-Year Government of Mauritius Treasury Notes, maturing on 24 June 2019 for a nominal amount of Rs1,285 million through an auction held on 22 June 2016. The Treasury Notes auction was re-opened on 27 July 2016 and a nominal amount of Rs1,300 was issued.

2. Pursuant to the issuance plan dated 08 July 2016 and, in accordance with section 5 of the Public Debt Management Act 2008 and section 57 of the Bank of Mauritius Act 2004, the Bank is pleased to announce the re-opening of the 3.40% Benchmark Three-Year Government of Mauritius Treasury Notes maturing on 24 June 2019 through an auction to be held on Wednesday 24 August 2016, for a nominal amount of Rs1,500 million for settlement on Friday 26 August 2016.

3. The Bank will receive bids for this auction on the same day, i.e. Wednesday 24 August 2016, on a yield basis quoted to two decimal places, in multiples of Rs100,000, on tender forms which are obtainable at its seat or on its website. Bidders may submit, for their own account up to a maximum of five bids, one for each bid yield, which, however, should not exceed the tender amount in the aggregate. Banks and/or Licensed Stockbrokers may also submit bids for the account of each of their customers on the same conditions. All Tender Forms must bear the official stamp of the institution submitting the bid.

4. Applications from individuals and non-financial institutions should be made through banks or licensed stockbrokers offering these services. Individuals may submit applications in their own names or jointly with another individual. Minors must, however, be represented by a legal guardian. Individuals must produce their National Identity Cards and a Utility Bill, e.g CWA, CEB, telephone bills etc., as proof of address. In the case of minors, the original of their birth certificates should be produced.

5. The completed tender form(s) should be placed in a sealed envelope marked “Tender for 3.40% Benchmark Three-Year Government of Mauritius Treasury Notes (Re-Opening)” and should be deposited in the tender box marked ‘A’, for Government Securities at the Banking Hall of the Bank of Mauritius, Bank of Mauritius Tower, Sir William Newton Street, Port Louis, before 10.00 a.m. on Wednesday 24 August 2016. Banks may submit their bids through the Reuters Dealing System. The results of the auction will be announced on the same day and successful tenderers will be required to collect their letter of acceptance from the Bank and effect payment of the cost price of the Treasury Notes through the Mauritius Automated Clearing and Settlement System (MACSS) at latest by 11.00 a.m. on Friday 26 August 2016. Payment of maturity proceeds and interests accruing on the Treasury Notes by the Bank will also be made through the MACSS.

6. The Treasury Notes will be issued dated 26 August 2016 and will mature and be redeemed at par by the Bank of Mauritius on 24 June 2019. The Bank may, at its discretion, allow the Treasury Notes to be redeemed or converted into other instruments at market rates prior to maturity.

7. Interest on these Treasury Notes will be paid half-yearly on 24 December and 24 June by the Bank during the currency of the Treasury Notes to the bank account of the registered holder(s) or any other person authorised by the holder(s). Interest will accrue on the Treasury Notes as from 24 June 2016 on the nominal amount allotted and will cease on the date of their maturity.

8. The cost price for the Treasury Notes allotted will include interest from 24 June 2016 to 25 August 2016.

9. The Treasury Notes will be issued in Book-Entry form and records will be kept at the Bank of Mauritius. The Treasury Notes may be freely traded and are transferable from one investor to another in multiples of Rs100,000.-

10. The Bank of Mauritius reserves the right to accept or reject any bid either in full or in part, without assigning any reason in respect thereof.

 

17 August 2016