Tag: Bermuda debt

S&P Affirm Bermuda’s Ratings, Outlook Negative

S&P Affirm Bermuda’s Ratings, Outlook Negative

[Updated with Finance Minister's comments] Standard & Poor’s today [Apr 1] affirmed their ‘AA-/A-1+’ sovereign ratings on the Government of Bermuda, and said the outlook remains negative. S&P said, “The ratings on Bermuda are supported by our view of the country’s ongoing achievements in attracting and retaining... Read more of this article

Ministry: Successful Completion Of $50M Bond

Ministry: Successful Completion Of $50M Bond

The Ministry of Finance today [Dec 19] announced the successful completion of a BD$50 million local bond offering. This summer the Government raised $750 million in 10-year bonds at a yield of 4.85%, and said they would borrow another $50 million in local dollars. Earlier this week, the Bermuda Stock Exchange announced the approval of the listing of... Read more of this article

Fitch Rates Bermuda’s $50M 2023 Bonds ‘AA-’

Fitch Rates Bermuda’s $50M 2023 Bonds ‘AA-’

Fitch Ratings has assigned an ‘AA-’ rating to Bermuda’s BMD $50 million senior notes maturing Dec. 16, 2023. The notes have a coupon rate of 4.75%. A statement from the ratings agency said, “The net proceeds from the issuance of the notes will be deposited in the Sinking Fund established in 1993 as a separate legal entity for... Read more of this article

BSX Approves Govt’s $50 Million Senior Notes

BSX Approves Govt’s $50 Million Senior Notes

[Updated] The Bermuda Stock Exchange [BSX] today announced the approval of the listing of the Government of Bermuda’s BD$50 million 4.750% Senior Notes due 16 December, 2023. The listing is effective from the date of the closing and delivery of the Notes, which is today [Dec 16]. This past summer the Ministry of Finance raised $750 million in 10-year... Read more of this article

Government’s $50 Million Senior Notes Offering

Government’s $50 Million Senior Notes Offering

The Government of Bermuda is continuing the process to borrow another $50 million, filing an announcement regarding its BMD$50 Million Senior Notes Offering with the Bermuda Stock Exchange today [Dec 2]. This past summer the Ministry of Finance raised $750 million in 10-year bonds, at a yield of 4.85%, and said they would be borrowing another $50 million. The... Read more of this article

Finance Ministry’s Mid-Year Economic Review

Finance Ministry’s Mid-Year Economic Review

The Ministry of Finance today [Nov 14] reported on the 2013/14 first half fiscal performance, saying that both revenues and current expenditures are above budget estimates and the net debt is $1.77 billion. The Ministry said, “The headline numbers for the 2013/14 National Budget were: a revenue target of $871.2 million; current expenditure of... Read more of this article

Richards: ‘Was On Brink Of Not Making Payroll’

Richards: ‘Was On Brink Of Not Making Payroll’

Following a news report questioning statements made by the Premier, Finance Minister Bob Richards today [Oct 16] said the Government was “on the brink” of not being able to make payroll earlier this year. Citing sources close to the Finance Ministry, last night ZBM reported that they said the Government did in fact have enough money to make... Read more of this article

$750M Government Bonds Approved On BSX

$750M Government Bonds Approved On BSX

The Bermuda Stock Exchange [BSX] today [Aug 7] announced the approval of the listing of the Government of Bermuda’s US$750 Million 4.854% Senior Notes – Due 6 February, 2024. The listing is effective from the date of the closing and delivery of the Notes, 6 August, 2013. The purpose of the Offering of the Notes is to repay all outstanding short-term... Read more of this article

Lister: Challenge Is To Effectively Manage Money

Lister: Challenge Is To Effectively Manage Money

Finance Minister Bob Richards has made a “bold move” in borrowing $750 million, the challenge is to “effectively manage this money over the next three years and to bring financial success to the people of Bermuda,” said Independent MP Terry Lister. Last week the Government confirmed they borrowed $750 million, in the form of... Read more of this article

Petty: Tax Service/Product Purchases, Not Payroll

Petty: Tax Service/Product Purchases, Not Payroll

Institute performance based pay in the civil service and replace involuntary direct taxes like payroll tax with taxes on product and service purchases, are some of the economy boosting measures suggested by David Petty, who ran as an Independent candidate in C#20 during the 2012 General Election. Mr Petty said that taxing purchases rather than payroll... Read more of this article