Hashtag: #BermudaDebt

Video: Finance Minister On Borrowing $750M

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 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

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

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

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

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”

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

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

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

Video: Finance Minister On Moody’s Downgrade

Video: Finance Minister On Moody’s Downgrade

The downgrade by Moody’s wasn’t entirely unexpected and he does not believe it will hamper us in raising funds in investment markets going forward, Finance Minister Bob Richards said yesterday [May 17]. Minister Richards said, “I was a little disappointed in their prognostications in the outlook. I think we laid out our case pretty... Read more of this article

PLP: ‘Downgrade Should Serve As Wake Up Call’

PLP: ‘Downgrade Should Serve As Wake Up Call’

Today’s downgrade and negative outlook by Moodys should “serve as a wake up call to the OBA”, and the new negative outlook is a “likely result of the OBA’s lack of a credible plan of action to address Bermuda’s deficit,” Shadow Minister of Finance David Burt said this afternoon [May 16]. Moody’s downgraded Bermuda’s... Read more of this article

Moody’s Downgrades Bermuda’s Rating To Aa3

Moody’s Downgrades Bermuda’s Rating To Aa3

[Updated] After placing the island on “review” last month, ratings agency Moody’s today [May 16] formally downgraded Bermuda’s rating to Aa3 and changed the outlook to negative. A statement issued by the Company said, “The downgrade was prompted by the steep rise in government debt and the lack of an economic recovery from the... Read more of this article

SAGE: ‘Solutions Will Come From Consultation’

SAGE: ‘Solutions Will Come From Consultation’

Chairman of the Spending and Government Efficiency [SAGE] Commission Brian Duperreault today welcomed the formal enactment of the SAGE Commission Act 2013, noting that solutions to the economic challenges facing Bermuda will come from broad-based consultation. Mr. Duperreault said that the Act was officially gazetted on Monday, April 1 and members of... Read more of this article