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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

Moneda Outstanding bond issues Cumulative volume
Soberano
USD 4 2 390 000 000
BMD 1 50 000 000
Corporativo
USD 47 14 139 500 000
NOK 3 3 100 000 000
EUR 2 525 000 000
CHF 2 760 000 000

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
Athene Holding, 4.125% 12jan2028, USD - Bonos internacionales US04686JAA97 4.125% 1 000 000 000  USD 09/01/18 12/01/28
Teekay LNG Partners, 7.125% 15aug2022, USD - Bonos internacionales NO0010801707 7.125% 250 000 000  USD 01/08/17 15/08/22
Everglades Re II, FRN 5aug2020, USD - Bonos internacionales US30014LAB09 3M USD T-bills+5% 300 000 000  USD 27/04/17 05/08/20
Torrey Pines RE, FRN 9jun2020, USD - Bonos internacionales US89141WAA09 6M USD Libor+3% 45 000 000  USD 27/04/17 09/06/20
Torrey Pines RE, FRN 9jun2020, USD - Bonos internacionales US89141WAC64 6M USD Libor+6.25% 55 000 000  USD 27/04/17 09/06/20
Torrey Pines RE, FRN 9jun2020, USD - Bonos internacionales US89141WAB81 6M USD Libor+3.75% 66 000 000  USD 27/04/17 09/06/20
Golden Close Maritime, 0% 29mar2022, USD (Conv.) - Bonos internacionales NO0010789399 0% 340 000 000  USD 29/03/17 29/03/22
Golden Close Maritime, 10% 29mar2022, USD - Bonos locales NO0010789456 10% 11 000 000  USD 29/03/17 29/03/22
Golar LNG Partners, FRN 18may2021, USD - Bonos internacionales NO0010786056 8.5925% 250 000 000  USD 01/02/17 18/05/21
Teekay LNG Partners, FRN 28oct2021, NOK - Bonos internacionales NO0010777089 7.12% 1 200 000 000  NOK 24/01/17 28/10/21

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 Apr 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Emerging Markets International Bonds (Latin America)
New issues of Bermuda international bonds, USD bln 0.000 0.000 0.000 0.000 1.000 0.000 0.000
Number of Bermuda new international bond issues 0 0 0 0 1 0 0
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Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Latin American Markets International Bonds
Bermuda\'s international bonds, USD bln 7.869 6.867 6.875 6.852 6.846 6.853 6.863
Bermuda\'s corporate international bonds, USD bln 5.755 4.753 4.761 4.738 4.732 4.739 4.749
Bermuda\'s sovereign international bonds, USD bln 2.114 2.114 2.114 2.114 2.114 2.114 2.114
Latin American International Bonds Markets (adjusted for amortization)
Bermuda international bonds, USD bln 7.869 6.867 6.875 6.852 6.846 6.853 6.863
Bermuda corporate international bonds, USD bln 5.755 4.753 4.761 4.738 4.732 4.739 4.749
Bermuda 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: 23/05/18 22/05/18 21/05/18 18/05/18 17/05/18 16/05/18 15/05/18
Exchange Rates (Emerging Markets)
USD/BMD 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
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Cotizaciones

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bermuda, 4.138% 3jan2023, USD   USD 03/01/23 18/05/16 ***.** *.** 18/05/16 ***.* *.**
Bermuda, 4.854% 6feb2024, USD   USD 06/02/24 18/05/16 *** *.** 18/05/16 *** *.**
Bermuda, 5.603% 20jul2020, USD   USD 20/07/20 18/05/16 ***.*** *.** 18/05/16 ***.* *.**
Montpelier Re Holdings Ltd., 4.7% 15oct2022   USD 15/10/22 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
PartnerRe, 5.50% 1jun2020, USD   USD 01/06/20 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
PartnerRe, 6.875% 1jun2018, USD   USD 01/06/18 18/05/16 ***.*** *.** 18/05/16 ***.*** *.**
Validus Holdings, 8.875% 26jan2040, USD   USD 26/01/40 18/05/16 * 18/05/16 ***.*** *.**
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200 000
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