BSX On Government’s $1.35B Senior Notes
The Bermuda Stock Exchange [BSX] has listed Senior Notes totaling principal amount of US$1.35 billion for the Government of Bermuda.
A spokesperson said, “Miami International Holdings, Inc. [MIH], the majority stockholder of the Bermuda Stock Exchange [BSX] and parent holding company of the MIAX Exchange Group, today announced that the BSX has listed Senior Notes totaling principal amount of US$1.35 billion for the Government of Bermuda.
“The new listings are as follows:
- Government of Bermuda US$382,105,000 2.375% 144A Senior Notes due August 20, 2030;
- Government of Bermuda US$391,596,000 3.375% 144A Senior Notes due August 20, 2050;
- Government of Bermuda US$292,895,000 2.375% Reg S Senior Notes due August 20, 2030;
- Government of Bermuda US$283,404,000 3.375% Reg S Senior Notes due August 20, 2050;
BSX President and CEO Greg Wojciechowski commented, “The team at the BSX is pleased to once again support the Government of Bermuda with its debt capital raise requirements through the listing of its recent debt issuance on the BSX. The BSX is experiencing increasing interest from the issuers of international debt securities and debt capital markets which is driving momentum in our listing support services.
“This is in large part due to our international reputation as a recognized stock exchange supported by a well-regulated financial center located in a convenient time zone with proximity to Europe and North, South and Latin America.”
Ocorian Securities [Bermuda] Limited acted as BSX listing sponsor for the notes. Alison Dyer, Managing Director of Ocorian commented, “We are pleased to be involved in this very important transaction for the Government of Bermuda, and congratulate the BSX on attracting another significant commercial deal. This listing is further proof of the efficacy of the BSX as a world class alternative destination for listings. Ocorian is committed to continuing and strengthening its partnership with the BSX, as the exchange continues to expand its global reach.”
Thomas P. Gallagher, BSX Chairman and Chairman and Chief Executive Officer of MIH, stated, “We are delighted to see the BSX continue to establish its place as a global leader among debt- and insurance-related securities. The growing recognition of the BSX is due in large part to its strength as Bermuda’s domestic securities exchange market and its innovative and commercial approach to transactions requiring a dedicated listing and trading facility for specialist products of the Bermuda and international financial industry.”
“The BSX has seen an increase in interest from the global capital markets for an alternative, internationally recognized exchange platform for the listing of international debt instruments.
“As of Q2 2020, the BSX had over 1000 listed securities, including investment funds, debt and insurance related securities, as well as small to medium enterprise companies. The BSX is also the world’s leading exchange for the listing of Insurance Linked Securities [ILS] with approximately 500 listed issuers and $40 billion market capital outstanding representing over 90% market share of global ILS.”
