Meetings In Boston On Govt’s Debt Refinancing

November 14, 2018 | 11 Comments

Premier David Burt, Finance Minister Curtis Dickinson, Financial Secretary Anthony Manders, and HSBC Bermuda Head of Corporate Banking Neville Grant are ‘on the road’ in Boston, speaking to investors regarding the Government’s debt refinancing.

Premier Burt tweeted the photo below, saying: “On the road in Boston with Finance Minister Curtis Dickinson, Financial Secretary Anthony Manders, and HSBC Bermuda Head of Corporate Banking Neville Grant. We’re speaking to investors regarding Bermuda Government’s debt refinancing.”

Premier David Burt Bermuda November 2018

In an announcement recently posted on the PR newswire website, the Government announced “the commencement of offers to purchase for cash any and all of its outstanding 5.603% Senior Notes due 2020 and up to U.S.$200,000,000 in aggregate principal amount [as such amount may be increased at the sole discretion of the Government, the "2024 Cap"] of its outstanding 4.854% Senior Notes due 2024.”

The announcement noted that the tender period commenced on November 7, 2018 and expire at 8:00am, New York City time, on November 15, 2018 unless extended or earlier terminated by the Government.

In the recently released 2018/19 First Half Fiscal Performance report, the Ministry of Finance said that “gross debt at the end of September 2018 stood at $2.619 billion. Net of the Sinking Fund debt was $2.466 billion.”

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Comments (11)

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  1. trump supporter says:

    YAWN..
    You mean all that gold isn’t the solution.

  2. aceboy says:

    If you keep talking about Independence The investors will be few and far between.

    One of the consequences……

  3. 2 Bermudas says:

    What does he tell them when they ask when will the country have a balanced budget?!

    A: When we start exporting cannabis and titty milk!!

    Ha ha ha!!

  4. eyes wide open says:

    what a farce!,Not one of them knows anything about Finance

    • Walter says:

      Lie.

      • sandgrownan says:

        Well Curtis is the one with the real finance industry background. It doesn’t necessarily translate into expertise but it is a step forward.

        Depends what political baggage he carries with him, and how that affects a pragmatic approach. And how he will be influenced by the base

        The rest, however, are clueless.

  5. Looking Good says:

    Are Bermudians going to be able to invest in the Notes?

    Would be a great way for Bermudians to get involved and to earn some of the interst that is being paid to foreign institutions and investors!!

  6. wahoo says:

    How come Wayne F didn’t get to go?

  7. Triangle Drifter says:

    And I thought that smell in the Boston air was coming from the fish market.

  8. contracted says:

    Why does this even need a photo? They should be embarrassed to have to even ask for help, given it was their party that got us into this mess in the first place.

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