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Bermuda: bonds

Bermuda’s public sector represents a relatively small percentage of GDP compared to the major developed economies. Total current account spending as a proportion of nominal GDP in 2012 was 19.5%, with capital expenditure of $59.5 million, or 1.1% of nominal GDP. Before the global economic and financial crisis in 2008 and 2009, the Government’s economic planning and budgetary measures helped the economy grow at an acceptable rate. Public debt was kept within the limits set by law and the Government’s stated policy. Subsequent to the financial crisis, net Government debt has increased and stood at $1.5 billion at the end of the 2012/2013 fiscal year. Bermuda is not unique in facing the economic challenges resulting from the global crisis. The former administration’s policy response during this difficult and challenging period was to protect vital sectors of the economy through tax concessions and relief, which was financed by borrowing. The former administration also tried to maintain the focus on sound social policy and programs and strived to preserve key delivery of Government services. The current administration considers the rise in debt as unsustainable and recognizes that it will take time and changes in policy to actually begin paying down the debt. Meanwhile, the Government will focus on growing the economy coupled with continuous cost containment to reduce the debt to more manageable levels. On February 22, 2013, the Government amended the Government Loans Act 1978 to increase Bermuda’s legal limit for loans (net of the Sinking Fund balance) from $1.45 billion to $2.5 billion. At March 31, 2013, the Government had total debt outstanding of $1.57 billion. The amount of total debt does not include the following obligations: (i) a guarantee by the Government of the Bermuda Hospital Board’s payment obligations related to the repayment of construction financing for the King Edward Memorial Hospital, estimated at $260 million over a term of 30 years; (ii) the guarantee by the Government in respect of $200 million in aggregate liquidation preference of preference shares issued on June 12, 2009 by the Bank of N.T. Butterfield & Son Limited, which guarantee is for a period of ten years from the date of the issuance of the preference shares; (iii) various other construction and education guarantees totaling $66.9 million. Further, this amount of total debt also does not reflect the estimated Sinking Fund balance of $97.1 million at March 31, 2013.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 6 3 860 000 000
BMD 1 50 000 000
corporate
USD 39 14 141 024 200
CHF 4 1 010 000 000
NOK 3 3 050 000 000
GBP 2 563 060
EUR 2 1 250 000 000
HKD 1 660 000 000
JPY 1 0
CNY 1 171 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Teekay LNG Partners, FRN 2sep2025, NOK - Domestic bonds NO0010891559 3M NIBOR + 5.15% per annum. 1 000 000 000  NOK 09/02/2020 09/02/2025
Bermuda, 2.375% 20aug2030, USD - International bonds USG10367AE36 2.375% 675 000 000  USD 08/17/2020 08/20/2030
Bermuda, 3.375% 20aug2050, USD - International bonds USG10367AG83 3.375% 675 000 000  USD 08/17/2020 08/20/2050
Altera Shuttle Tanker, FRN 18oct2024, USD - Domestic bonds NO0010891641 3M LIBOR + 6.5% per annum. 75 000 000  USD 07/18/2020 10/18/2024
Hypatia, FRN 7jun2023, USD - International bonds US44914CAA45 3m Treasury Bill Yields + 6.75% 150 000 000  USD 07/10/2020 06/07/2023
Hypatia, FRN 7jun2023, USD - International bonds US44914CAB28 3m Treasury Bill Yields + 9.75% 150 000 000  USD 07/10/2020 06/07/2023
Arch Capital Group Ltd., 3.635% 30jun2050, USD - International bonds US03939AAA51 3.635% 1 000 000 000  USD 06/23/2020 06/30/2050
Fidelis Insurance Holdings, 4.875% 30jun2030, USD - International bonds USG3398LAA82 4.875% 300 000 000  USD 06/11/2020 06/30/2030
Altera Shuttle Tanker, FRN 18oct2024, USD - Domestic bonds NO0010866163 3M LIBOR + 6.5% per annum. 125 000 000  USD 10/18/2019 10/18/2024
White Rock Insurance, 3.1% 23mar2022, JPY - International bonds XS2032522182 3.1%   JPY 09/03/2019 03/23/2022

Domestic bonds outstanding volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Latin America bond issues outstanding amount
[24861] Amount of outstanding issues of Bermuda corporate bonds 1.9364 1.7232 1.6931 1.6842 1.7681 1.7662 1.7942
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Forex

Daily indices

Type: 09/23/2020 09/22/2020 09/21/2020 09/18/2020 09/17/2020 09/16/2020 09/15/2020
FOREX rates
[12687] USD/BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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International bonds outstanding volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Latin America international bonds outstanding volume
[21407] Bermuda international bonds, USD bln 6.635 5.773 5.732 4.425 4.412 4.417 4.418
[21467] Bermuda corporate international bonds, USD bln 3.475 3.463 3.422 2.115 2.102 2.107 2.108
[21527] Bermuda sovereign international bonds, USD bln 3.160 2.310 2.310 2.310 2.310 2.310 2.310
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New domestic bonds volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Latin America new bond issues amount
[24859] Amount of new issues of Bermuda corporate bonds 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
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New international bonds volume

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 May 2020 Apr 2020 Mar 2020
Latin America new international bonds volume
[18423] New issues of Bermuda international bonds, USD bln 1.350 0.000 1.300 0.000 0.000 0.000 0.000
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Yearly indices

Type: 2019 2018 2017 2016 2015 2014
Latin America new international bonds volume
[19219] Annual new issues of Bermudas sovereign international bonds, USD bln 0.000 0.620 0.000 0.665 0.000 0.000
[19279] Annual new issues of Bermudas corporate international bonds, USD bln 0.692 0.075 1.042 0.220 0.285 0.500
[19339] Annual new issues of Bermudas corporate international bonds, (financial sector) USD bln 0.692 0.075 0.166 0.110 0.150 0.000
[19399] Annual new issues of Bermudas corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.876 0.110 0.135 0.500

New domestic bonds number

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020
Latin America new bond issues number
[24857] Number of new issues of Bermuda corporate bonds 0 0 0 0 0 0 0
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New international bonds number

Monthly indices

Type: Aug 2020 Jul 2020 Jun 2020 May 2020 May 2020 Apr 2020 Mar 2020
Latin America new international bonds number
[18481] Number of Bermuda new international bond issues 2 0 2 0 0 0 0
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