BSX Approves The Listing Of The Government of Bermuda’s US$500 Million 5.603% Senior Notes – Due 20 July, 2020

Hamilton, Bermuda - 21 July, 2010 – The Bermuda Stock Exchange (BSX) today announced the approval of the listing of the Government of Bermuda’s US$500 Million 5.603% Senior Notes – Due 20 July, 2020. The listing is effective from the date of the closing and delivery of the Notes, 20 July 2010.

The purpose of the Offering of the Notes is to repay amounts outstanding under the Government’s credit facility, repay short-term indebtedness with local banks and to fund capital expenditure programs.

Bermuda International Securities Limited, a wholly-owned subsidiary of HSBC Bank Bermuda Limited, sponsored the listing of the Government of Bermuda’s US$500 Million 5.603% Senior Notes on the BSX.

Mr. Greg Wojciechowski, Chief Operating Officer of the BSX stated, “We are delighted to announce the listing of the Government of Bermuda’s Senior Notes on the BSX. Following earlier success in the placing, listing and subsequent trading of several transactions in the domestic capital market, we look forward to providing the Exchange’s full after market support for the Notes if trading conditions require such. The noted success of earlier domestic capital market transactions clearly illustrate that there is local investment demand for properly structured and regulated securities. Further, the listing of a public debt instrument of this size on the BSX is a significant step in the maturation of the domestic capital market. It is the Exchange’s hope that entities, whether in the public or private sectors, will give full consideration to the domestic capital market when they are required to undertake capital raising.” 

The Notes will also be listed on the Luxembourg Stock Exchange and are to be admitted to trading on the Euro MTF Market.