27 August 2020News

Bermuda Government raises $1.35bn in BSX bond issue

The Bermuda Stock Exchange (BSX) has listed senior notes totaling $1.35 billion for the Government of Bermuda.

The listing included $382.1 million of 2.375 percent 144A senior notes, due August 20, 2030; $391.6 million of 3.375 percent 144A senior notes due August 20, 2050; $292.9 million of 2.375 percent reg S senior notes due August 20, 2030; and $283.4 million of 3.375 percent reg S senior notes due August 20, 2050.

Greg Wojciechowski, the president and chief executive of the BSX, said: “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.”

Alison Dyer, managing director of Ocorian Securities in Bermuda, which acted as BSX listing sponsor for the notes, said: "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 Gallagher, BSX chairman and chairman and chief executive officer of Miami International Holdings, BSX’s majority stockholder, said: "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."

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, with approximately 500 listed issuers and $40 billion market capital outstanding representing over 90 percent market share of global ILS.