Bermuda Breaks out Benchmark
Bermuda has raised $475m in new 2023 bonds, completing its second-ever visit to the international DCM. Despite a Fitch downgrade earlier Tuesday morning, the deal drew demand heard reaching $1.3bn. The Aa2/AA/AA minus rated sovereign priced at par, with a 4.138% coupon, to yield UST+250bp, in line with 250bp-area guidance, which followed previous mid to high-200bp indications. Investors were...
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