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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 4 2 510 000 000
BMD 1 50 000 000
corporate
USD 35 12 229 331 000
CHF 4 1 010 000 000
NOK 3 3 050 000 000
GBP 2 563 060
EUR 2 1 250 000 000
JPY 1 0
SEK 1 550 000 000

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
Vostok New Ventures, 5.75% 4oct2022, SEK (ABS) - Domestic bonds SE0013233541 5.75% 550 000 000  SEK 10/04/2019 10/04/2022
White Rock Insurance, 3.1% 23mar2022, JPY - International bonds XS2032522182 3.1%   JPY 09/03/2019 03/23/2022
PartnerRe, 3.7% 2jul2029, USD - International bonds US70213BAB71 3.7% 500 000 000  USD 06/12/2019 07/02/2029
Start Ltd., 0% 15mar2044, USD (9098D, ABS) - International bonds US85572H1014 0% 99 556 000  USD 04/12/2019 03/15/2044
Start Ltd., 5.095% 15mar2044, USD (ABS) - International bonds US85573LAB71 5.095% 69 000 000  USD 04/12/2019 03/15/2044
Start Ltd., 6.413% 15mar2044, USD (ABS) - International bonds US85573LAC54 6.413% 23 000 000  USD 04/12/2019 03/15/2044
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 - Domestic bonds NO0010822935 3.875% 350 000 000  USD 05/16/2018 05/23/2023

Domestic bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019
Latin America bond issues outstanding amount
[24861] Amount of outstanding issues of Bermuda corporate bonds 3.2284 3.2312
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Forex

Daily indices

Type: 10/22/2019 10/21/2019 10/18/2019 10/17/2019 10/16/2019 10/15/2019 10/14/2019
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: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Latin America international bonds outstanding volume
[21407] Bermuda international bonds, USD bln 5.007 5.514 5.020 5.543 6.154 6.158 6.266
[21467] Bermuda corporate international bonds, USD bln 2.697 3.204 2.710 3.233 3.844 3.848 3.956
[21527] Bermuda sovereign international bonds, USD bln 2.310 2.310 2.310 2.310 2.310 2.310 2.310
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New domestic bonds volume

Monthly indices

Type: Sep 2019 Aug 2019
Latin America new bond issues amount
[24859] Amount of new issues of Bermuda corporate bonds 0.0000 0.0000
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New international bonds volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Latin America new international bonds volume
[18423] New issues of Bermuda international bonds, USD bln 0.000 0.000 0.000 0.500 0.000 0.192 0.000
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Yearly indices

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

New domestic bonds number

Monthly indices

Type: Sep 2019 Aug 2019
Latin America new bond issues number
[24857] Number of new issues of Bermuda corporate bonds 0 0
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New international bonds number

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Latin America new international bonds number
[18481] Number of Bermuda new international bond issues 1 0 0 1 0 3 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bermuda, 3.717% 25jan2027, USD   USD 01/25/2027 10/22/2019 ***.* *.** 10/22/2019 ***.* *.**
Bermuda, 4.138% 3jan2023, USD   USD 01/03/2023 10/22/2019 ***.** *.** 10/22/2019 ***.** *.**
Bermuda, 4.75% 15feb2029, USD   USD 02/15/2029 10/22/2019 ***.* *.** 10/22/2019 ***.** *.**
Bermuda, 4.854% 6feb2024, USD   USD 02/06/2024 10/22/2019 ***.** *.** 10/22/2019 ***.** *.**
DaVinci Reinsurance Ltd., 2025   USD 05/01/2025 10/22/2019 ***.*** *.** 10/22/2019 ***.*** *.**
PartnerRe, 1.25% 15sep2026, EUR   EUR 09/15/2026 10/22/2019 ***.** *.** 10/22/2019 ***.** *.**
PartnerRe, 3.7% 2jul2029, USD   USD 07/02/2029 10/22/2019 ***.*** *.** 10/22/2019 ***.* *.**
PartnerRe, 6.44% 1dec2066, USD   USD 12/01/2066 10/22/2019 **.**** * 10/22/2019 **.**** *
Sompo International Holdings, 4.7% 15oct2022   USD 10/15/2022 10/22/2019 ***.*** *.* 10/22/2019 ***.*** *.**
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