Bermuda Breaks out Benchmark

Bermuda Breaks out Benchmark

Caribbean Bonds

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 mainly comping against Bermuda’s 2020 bonds, quoted between 3.19%-3.50% yield. “The deal is just under 10

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