Hashtag: #BermudaDebt
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
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
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’
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
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
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
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
Video: Finance Minister On Borrowing $750M
After borrowing $750 million, the Government plans to raise another $50 million by offering a Bermuda dollar local issue, Finance Minister Bob Richards said today [Aug 5]. Minister Richards held a press conference about the recent bond issue, which saw the Ministry of Finance raise $750 million in 10-year bonds, at a yield of 4.85%. The Minister previously... Read more of this article
Fitch Rates Bermuda’s 2024 Global Bonds ‘AA-’
Fitch Ratings has assigned a long-term foreign currency rating of ‘AA-’ to the Bermuda Government’s $750 million global bond [4.854% coupon] maturing in 2024. The rating is in line with Bermuda’s long-term foreign currency Issuer Default Rating (IDR) of ‘AA-’ with a Negative Outlook. The statement from Fitch said: Bermuda’s... Read more of this article
Bermuda Government Borrows $750 Million
The Ministry of Finance confirmed that they have raised $750 million in 10-year bonds at a yield of 4.85%. As Bernews reported yesterday, Barclays and JP Morgan, acting as managers for the Bermuda Government, offered a $750 million bond for sale at an interest rate of 4.854%. A statement from the Ministry said, “The Bermuda Government conducted... Read more of this article
Bermuda Government Offers $750 Million Bond
[Updated: Barclays and JP Morgan, acting as managers for the Bermuda Government, have offered a $750 million bond for sale at an interest rate of 4.854%.] The Government of Bermuda is planning to issue a US dollar-denominated bond maturing in February 2024, according to a report from Reuters this morning. Earlier this month the news agency reported... Read more of this article
Finance Minister Releases SAGE Interim Report
[Updated with video] Minister of Finance Bob Richards released the SAGE Commission’s Interim Report to the public today [July 29], which contains the interim findings and recommendations from the SAGE Commissioners. The SAGE Commission’s primary objective is to streamline Government processes, including Quangos, improve delivery of services and... Read more of this article
Government Hires Banks Prior To Bond Issue
[Updated] The Bermuda Government has “hired banks to arrange investor meetings in the United States and Europe ahead of a potential international bond issue,” according to a report from the Reuters news agency. “The sovereign, rated Aa3/AA-/AA-, has mandated Barclays and JP Morgan to arrange the meetings, which will take place in New... Read more of this article
PLP On $800M Borrowing: “We Will Wait & See”
The Government’s plan to borrow up to $800 million to cover three years of operating deficits is risky but it could pay off, and the Opposition will take a “wait and see approach” on the matter, Shadow Finance Minister David Burt said. Earlier this week Finance Minister Bob Richards said, “Borrowing three years’ worth of deficits... Read more of this article
Richards: Borrow 400-800M, 3 Years Of Deficits
[Updated with video] The next bond issue, expected this summer, is anticipated to cover three years of operating deficits, and the government will borrow in the range of $400-$800 million, Finance Minister Bob Richards said this afternoon [June 20]. He said that borrowing three years worth of deficits now will save tens of millions of dollars in financing... Read more of this article
Fitch Downgrades Bermuda, Outlook Negative
[Updated with videos] Fitch Ratings announced today [June 7] that they have downgraded Bermuda’s AA government bond rating to AA-, and changed the outlook to Negative from Stable. This follows after last month’s revision by Moody’s, who also downgraded Bermuda’s rating and changed the outlook to Negative. Fitch said, “The downgrade... Read more of this article
