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International bonds: Bermuda, 3.717% 25jan2027, USD (USG10367AD52, G10367AD5)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
outstandingBermuda**/**/**** (**/**/****)665,000,000 USD***/***/***
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Yield calculation

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Issue information

BorrowerBermuda
Bond typeCoupon bonds
Placement methodOpen subscription
Placement typePublic
Issue purposeShow
Issue purpose
The net proceeds to be received by the Government from the sale of the notes will be approximately $663,506,900, after deducting the initial purchaser’s discounts and estimated offering expenses. The Government intends to use the net proceeds from this offering to (i) fund the deficit for the current fiscal year, (ii) to repay U.S.$200,000,000 of our obligations under our credit facility with Bank of N.T. Butterfield & Son Limited and (iii) to pay the purchase price to holders of 5.603% Notes due 2020 and 4.138% Notes due 2023 that are validly tendered and accepted to be purchased by the Government pursuant to the terms of a partial cash tender offer being conducted by the Government concurrently herewith.
Par amount, integral multiple1,000 USD
Nominal of international bonds1,000 USD
Minimum settlement amount200,000 USD
Outstanding principal amount200,000 USD
Amount665,000,000 USD
Outstanding face value amount665,000,000 USD
Placement date**/**/****
Maturity date**/**/****
Redemption price100%
Floating rateNo
Coupon Rate*.***%
Current coupon rate3.717%
Day count fraction***
ACI*** (10/22/2019)
Coupon frequency2 time(s) per year
Interest accrual date**/**/****
ListingLuxembourg S.E.

Related issues

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Cbonds Valuation
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology. The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
:

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
CBONDS ESTIMATION
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology described here http://ru.cbonds.com/organizations/docdownload/8715.
The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
Quotes are published both anonymously and publicly in the section Bond Quotes by Market Participants: http://cbonds.com/quotes/market/. These quotes are indicative only. Organizations posting the quotes have no obligations to conduct transactions at these prices. To learn the actual current prices, you need to contact the respective organization. Trading floor quotes are available at http://cbonds.com/quotes/.
10/21/2019*** / *** (*** / ***)*** (***)******Archive
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Bond Quotes by Market Participants

Market participantDate and timeBid/ask or last price
(Yield)
BCP Securities10/21/2019***.** / ***.**
(*.** / *.**)
Anonymous participant 3110/21/2019***.** / ***.**
(*.** / *.**)
Anonymous participant 2010/18/2019***.**
(*.**)
Anonymous participant 2410/18/2019***.***
(*.**)
Anonymous participant 3210/18/2019***.** / ***.**
(* / *.**)
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Stock exchange and OTC quotes

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
DUSSELDORF SE10/22/2019 08:53***.* / ***.* (*.** / *.**)***.** (*.**)
BERLIN EXCHANGE
i
Foreign bonds compliment the international security selection at Börse Berlin. In Germany many of these are traded only in Berlin. Naturally Börse Berlin has the full range of fixed interest securities of the German Federation and its constituencies with bonds from companies and other issuers also on offer. Certificates and warrants round off the security offering in Berlin.
10/21/2019*** / *** (*** / ***)*** (***)******Archive
DUSSELDORF SE10/21/2019*** / *** (*** / ***)*** (***)******Archive
LUXEMBOURG S.E.10/18/2019*** / *** (*** / ***)*** (***)******Archive
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Bond classification

Subordinated
Sinkable bond
Perpetual
Convertible
Structured product
Restructuring
Securitization
Mortgage bonds
Trace-eligible
Covered
Foreign bonds
CDO
Sukuk
Retail bonds
Supranational bond issues
Green bonds
Non-Marketable Securities

Identifiers

ISIN / ISIN RegSUSG10367AD52
ISIN 144AUS085209AD62
CUSIP / CUSIP RegSG10367AD5
Common Code / Common Code RegS150605814
Common Code 144A150605849
CUSIP 144A085209AD6
CFI / CFI RegSDBFUGR
CFI 144ADBFUGR
FIGI / FIGI RegSBBG00DZRD6D1
WKN / WKN RegSA187TR
WKN 144AA187TS
SEDOLBYM4ZL3
FIGI 144ABBG00DZRCG59
TickerBERMUD 3.717 01/25/27 REGS

Primary placement

Issuer rating on issue date (M/S&P/F)***/***/***
Placement**/**/****
Initial issue price (yield)**.***% (*.**%)
Settlement Duration*.**

Participants

Bookrunner: HSBC
Issuer Legal Adviser (International law): Milbank, Tweed, Hadley & McCloy
Arranger Legal Adviser (International law): Simpson Thacher & Bartlett
Arranger Legal Adviser (Domestic law): Appleby
Paying agent: BNY Mellon SA/NV (Luxembourg Branch)

Payment schedule

*****

Coupon dateActual Payment DateCoupon, %Coupon payment amount, USDRedemption of principal, USD
Show previous
1**/**/******/**/*****.****,***.*
2**/**/******/**/*****.****,***
3**/**/******/**/*****.****,***
4**/**/******/**/*****.****,***
5**/**/******/**/*****.****,***
6**/**/******/**/*****.****,***
7**/**/******/**/*****.****,***
8**/**/******/**/*****.****,***
9**/**/******/**/*****.****,***
10**/**/******/**/*****.****,***
11**/**/******/**/*****.****,***
12**/**/******/**/*****.****,***
13**/**/******/**/*****.****,***
14**/**/******/**/*****.****,***
15**/**/******/**/*****.****,***
16**/**/******/**/*****.****,***
17**/**/******/**/*****.****,***
18**/**/******/**/*****.****,***
19**/**/******/**/*****.****,***
20**/**/******/**/*****.****,******,***
Show following
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Early redemption terms

*****

DateOption typeOption styleBenchmark spread, b.p.Until datePrice
Show previous
**/**/****callMake-Whole Call****/**/****
**/**/****call***
Show following
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Issue ratings

Bermuda, 3.717% 25jan2027, USD

Rating AgencyRating / OutlookScaleDate
Moody's Investors Service ***/***LT- foreign currency05/23/2018
S&P Global Ratings***/***Foreign Currency LT10/18/2016
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Issuer ratings

Bermuda

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)03/26/2013
Moody's Investors Service ***/***LT- local currency05/23/2018
Moody's Investors Service ***/***LT- foreign currency05/23/2018
Organisation for Economic Co-operation and Development (OECD)***/***Country Risk Classifications06/27/2014
S&P Global Ratings***/***Foreign Currency LT04/26/2018
S&P Global Ratings***/***Local Currency LT04/26/2018
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