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 bonds at a yield of 4.85%, and said they would be borrowing another $50 million in local dollars.

The notice from the BSX said the net proceeds of the offering of the Notes will be deposited into the Sinking Fund to cover any future budget deficits.

Butterfield Securities (Bermuda) Limited. sponsored the listing of the Government of Bermuda’s BD$50 Million 4.750% Senior Notes on the BSX.

Mr. Greg Wojciechowski, President & CEO of the BSX stated, “We are delighted to announce the listing of the Government of Bermuda’s Senior Notes on the BSX. We look forward to providing the Exchange’s full after market support for the Notes if trading conditions require such.

“The listing of a further public debt instrument on the BSX is a significant continuation of the maturation of the domestic capital market. It is the Exchange’s hope that entities, whether in the public or private sectors, will give full consideration to the domestic capital market when they are required to undertake capital raising.”

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