On 31 January 2017, the Bank of Mauritius issued 3.14% Four-Year Bank of Mauritius Notes , maturing on 31 January 2021 for a nominal amount of Rs2,000 million through an auction held on 30 January 2017. In accordance with section 6 (2) (a) of the Bank of Mauritius Act 2004, the Bank of Mauritius is pleased to announce the Re-opening of the Four-Year Bank of Mauritius Notes due on 31 January 2021 through an auction to be held on Friday 10 February 2017, for a nominal amount of Rs2,000 million for same day settlement.
2. The Bank will receive bids for this auction from banks and financial institutions on the same day, i.e. Friday 10 February 2017, on a yield basis quoted to two decimal places, in multiples of Rs100,000, on tender forms which are obtainable 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. Bidders 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.
3. The completed tender form/s should be placed in a sealed envelope marked “Tender for Four-Year Bank of Mauritius Notes (Re-Opening)” and should be deposited in the tender box, marked ‘A’, for Bank of Mauritius Securities, at the Banking Hall of the Bank of Mauritius, Bank of Mauritius Tower, Sir William Newton Street, Port Louis, before 11.30 a.m. on Friday 10 February 2017. 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 Bank of Mauritius Notes through the Mauritius Automated Clearing and Settlement System (MACSS) at latest by 2.00 p.m. on Friday 10 February 2017. Payment of maturity proceeds and interests accruing on the Bank of Mauritius Notes by the Bank will also be made through the MACSS.
4. The Bank of Mauritius Notes will be issued dated 10 February 2017 and will mature and be redeemed at par by the Bank of Mauritius on 31 January 2021. The Bank may, at its discretion, allow the Bank of Mauritius Notes to be redeemed or converted into other instruments at market rates prior to maturity.
5. Interest will be paid half-yearly on 31 January and 31 July by the Bank during the currency of the Bank of Mauritius Notes to the bank account of the registered holder(s) or any other person authorised by the holder(s). Interest will accrue on the Bank of Mauritius Notes as from 31 January 2017 on the nominal amount allotted and will cease on the date of their maturity.
6. The cost price for the Bank of Mauritius Notes allotted will include interest from 31 January 2017 to 09 February 2017.
7. The Bank of Mauritius Notes will be issued in Book-Entry form and records will be kept at the Bank of Mauritius. The Bank of Mauritius Notes may be freely traded and are transferable from one investor to another eligible investor in multiples of Rs100,000.-
8. 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.
08 February 2017