Contact us (+ 7 (921) 446-25-10)
×
Texting is available for authorized users.
Please register or log in at the website.
×
Your request for online training has been sent. Cbonds managers will be in touch with you shortly. Thank you!

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 5 3 010 000 000
BMD 1 50 000 000
corporate
USD 43 13 352 000 000
NOK 3 3 050 000 000
CHF 3 860 000 000
EUR 1 500 000 000

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.) ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
Bermuda, 4.75% 15feb2029, USD - International bonds USG10367AF01 4.75% 620 000 000  USD 11/15/2018 02/15/2029
Teekay LNG Partners, FRN 29aug2023, NOK - Domestic bonds NO0010830979 3M Nibor + 4.6% 850 000 000  NOK 08/29/2018 08/29/2023
Butterfield Bank, 5.25% 1jun2028, USD - International bonds US064227AB75 5.25% 75 000 000  USD 05/21/2018 06/01/2028
Borr Drilling, 3.875% 23may2023, USD - International bonds NO0010822935 3.875% 350 000 000  USD 05/16/2018 05/23/2023
Teekay LNG Partners, 7.125% 15aug2022, USD - International bonds NO0010801707 7.125% 250 000 000  USD 08/01/2017 08/15/2022
Torrey Pines RE, FRN 9jun2020, USD - International bonds US89141WAA09 6M USD Libor+3% 45 000 000  USD 04/27/2017 06/09/2020
Torrey Pines RE, FRN 9jun2020, USD - International bonds US89141WAC64 6M LIBOR USD + 6.25% to 01.06.2018, then 6M LIBOR USD + 6.55% 55 000 000  USD 04/27/2017 06/09/2020
Torrey Pines RE, FRN 9jun2020, USD (ABS) - International bonds US89141WAB81 6M LIBOR USD + 3.75% 66 000 000  USD 04/27/2017 06/09/2020
Golden Close Maritime, 0% 29mar2022, USD (Conv.) - International bonds NO0010789399 0% 340 000 000  USD 03/29/2017 03/29/2022
Golden Close Maritime, 10% 29mar2022, USD - Domestic bonds NO0010789456 10% 11 000 000  USD 03/29/2017 03/29/2022

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Bermudian international bonds, USD bln 108.100 105.700 104.200 101.800 101.600 103.700 100.400
BIS net issues of international-bond market of emerging countries
International-bond net issue of Bermuda, USD bln 2.200 1.400 2.300 -0.100 2.200 3.300 1.400

New issues of Emerging markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Emerging Markets International Bonds (Latin America)
New issues of Bermuda international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.425 0.000
Number of Bermuda new international bond issues 0 0 0 0 0 2 0
show other indices

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
Annual new issues of Bermudas sovereign international bonds, USD bln 0.000 0.665 0.000 0.000
Annual new issues of Bermudas corporate international bonds, USD bln 1.042 0.220 0.285 0.500
Annual new issues of Bermudas corporate international bonds, (financial sector) USD bln 0.166 0.110 0.150 0.000
Annual new issues of Bermudas corporate international bonds, (non-financial sector) USD bln 0.876 0.110 0.135 0.500

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of Latin American International Bonds Markets
Bermuda international bonds, USD bln 6.519 6.529 7.878 7.889 7.978 7.977 7.560
Bermuda corporate international bonds, USD bln 4.405 4.415 5.764 5.775 5.864 5.863 5.446
Bermuda sovereign international bonds, USD bln 2.114 2.114 2.114 2.114 2.114 2.114 2.114
show other indices

Currencies

Daily indices

Type: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
Exchange Rates (Emerging Markets)
USD/BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
show other indices

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bermuda, 4.138% 3jan2023, USD   USD 01/03/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Bermuda, 4.854% 6feb2024, USD   USD 02/06/2024 05/18/2016 *** *.** 05/18/2016 *** *.**
Bermuda, 5.603% 20jul2020, USD   USD 07/20/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Montpelier Re Holdings Ltd., 4.7% 15oct2022   USD 10/15/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
PartnerRe, 5.50% 1jun2020, USD   USD 06/01/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
PartnerRe, 6.875% 1jun2018, USD   USD 06/01/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
* Registration required. Please log in or fill in the registration form.
minimizeexpand
Cbonds is a global fixed income data platform
  • Cbonds is a global data platform on bond market
  • Coverage: more than 170 countries and 250,000 domestic and international bonds
  • Various ways to get data: descriptive data and bond prices - website, xls add-in, mobile app
  • Analytical functionality: bond market screener, Watchlist, market maps and other tools
×