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Bermuda: bonds

Bermuda’s public sector represents a relatively small percentage of GDP compared to the major developed economies. Total current account spending as a proportion of nominal GDP in 2012 was 19.5%, with capital expenditure of $59.5 million, or 1.1% of nominal GDP. Before the global economic and financial crisis in 2008 and 2009, the Government’s economic planning and budgetary measures helped the economy grow at an acceptable rate. Public debt was kept within the limits set by law and the Government’s stated policy. Subsequent to the financial crisis, net Government debt has increased and stood at $1.5 billion at the end of the 2012/2013 fiscal year. Bermuda is not unique in facing the economic challenges resulting from the global crisis. The former administration’s policy response during this difficult and challenging period was to protect vital sectors of the economy through tax concessions and relief, which was financed by borrowing. The former administration also tried to maintain the focus on sound social policy and programs and strived to preserve key delivery of Government services. The current administration considers the rise in debt as unsustainable and recognizes that it will take time and changes in policy to actually begin paying down the debt. Meanwhile, the Government will focus on growing the economy coupled with continuous cost containment to reduce the debt to more manageable levels. On February 22, 2013, the Government amended the Government Loans Act 1978 to increase Bermuda’s legal limit for loans (net of the Sinking Fund balance) from $1.45 billion to $2.5 billion. At March 31, 2013, the Government had total debt outstanding of $1.57 billion. The amount of total debt does not include the following obligations: (i) a guarantee by the Government of the Bermuda Hospital Board’s payment obligations related to the repayment of construction financing for the King Edward Memorial Hospital, estimated at $260 million over a term of 30 years; (ii) the guarantee by the Government in respect of $200 million in aggregate liquidation preference of preference shares issued on June 12, 2009 by the Bank of N.T. Butterfield & Son Limited, which guarantee is for a period of ten years from the date of the issuance of the preference shares; (iii) various other construction and education guarantees totaling $66.9 million. Further, this amount of total debt also does not reflect the estimated Sinking Fund balance of $97.1 million at March 31, 2013.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
USD 4 2 390 000 000
BMD 1 50 000 000
corporate
USD 46 13 513 500 000
NOK 3 3 100 000 000
EUR 2 525 000 000
CHF 1 425 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Teekay LNG Partners, 7.125% 15aug2022, USD - International bonds NO0010801707 7.125% 250 000 000  USD 08/01/2017 08/15/2022
Torrey Pines RE, FRN 9jun2020, USD - International bonds US89141WAA09 6M USD Libor+3% 45 000 000  USD 04/27/2017 06/09/2020
Torrey Pines RE, FRN 9jun2020, USD - International bonds US89141WAC64 6M USD Libor+6.25% 55 000 000  USD 04/27/2017 06/09/2020
Torrey Pines RE, FRN 9jun2020, USD - International bonds US89141WAB81 6M USD Libor+3.75% 66 000 000  USD 04/27/2017 06/09/2020
Everglades Re II, FRN 5aug2020, USD - International bonds US30014LAB09 3M USD T-bills+5% 300 000 000  USD 04/27/2017 08/05/2020
Golden Close Maritime, 0% 29mar2022, USD (Conv.) - International bonds NO0010789399 0% 340 000 000  USD 03/29/2017 03/29/2022
Golar LNG Partners, FRN 18may2021, USD - International bonds NO0010786056 3M LIBOR USD + 6.25% 250 000 000  USD 02/01/2017 05/18/2021
Teekay LNG Partners, FRN 28oct2021, NOK - International bonds NO0010777089 3M NIBOR + 6% 1 200 000 000  NOK 01/24/2017 10/28/2021
Bermuda, 3.717% 25jan2027, USD - International bonds USG10367AD52 3.717% 665 000 000  USD 10/11/2016 01/25/2027
Maiden Holdings, 6.625% 14jun2046, USD - International bonds US5602923022 6.625% 110 000 000  USD 06/07/2016 06/14/2046

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Bermudian international bonds, USD bln 101.600 103.700 100.400 99.100 100.800 100.300 99.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Bermuda, USD bln 2.200 3.300 1.400 1.500 0.400 0.800 -0.200

New issues of Emerging markets International Bonds

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Emerging Markets International Bonds (Latin America)
New issues of Bermuda\'s international bonds, USD bln 0.000 0.000 0.000 0.250 0.000 0.000 0.000
Number of Bermuda\'s new international bond issues 0 0 0 1 0 0 0
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Emerging Markets International Bonds

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Latin American Markets International Bonds
Bermuda\'s international bonds, USD bln 6.846 6.853 6.863 6.433 6.152 6.155 6.551
Bermuda\'s corporate international bonds, USD bln 4.732 4.739 4.749 4.319 4.038 4.041 4.437
Bermuda\'s sovereign international bonds, USD bln 2.114 2.114 2.114 2.114 2.114 2.114 2.114
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Currencies

Daily indices

Type: 12/12/2017 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017
Exchange Rates (Emerging Markets)
USD/BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bermuda, 4.138% 3jan2023, USD   USD 01/03/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Bermuda, 4.854% 6feb2024, USD   USD 02/06/2024 05/18/2016 *** *.** 05/18/2016 *** *.**
Bermuda, 5.603% 20jul2020, USD   USD 07/20/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.* *.**
Montpelier Re Holdings Ltd., 4.7% 15oct2022   USD 10/15/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
PartnerRe, 5.50% 1jun2020, USD   USD 06/01/2020 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
PartnerRe, 6.875% 1jun2018, USD   USD 06/01/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Validus Holdings, 8.875% 26jan2040, USD   USD 01/26/2040 05/18/2016 * 05/18/2016 ***.*** *.**
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issues: local and international bonds
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countries
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150 000
issues: local and international bonds
170
countries
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