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Accessing capital markets from Bermuda: tax system, regulatory structure and legal regime for listed companies

In 2015, public offerings of nearly US$10 billion of Bermuda companies' securities were completed on the New York Stock Exchange (NYSE) or the NASDAQ Stock Exchange, more than double the amount of any other offshore jurisdiction (Source: Standard & Poors Capital IQ database of publicly available deal information). A number of successful initial public offerings (IPOs) of Bermuda companies have also completed on these exchanges recently. The IPO of Markit Ltd. (a leading global financial services provider) was ten times oversubscribed at US$1.3 billion, and the Axovant Sciences Ltd. IPO completed in June 2015 was the largest US IPO in the biotech sector for at least 20 years.

This activity continues a longstanding practice of Bermuda companies accessing North American capital markets through US stock exchanges. Currently, approximately 60 Bermuda companies maintain listings on the NYSE or NASDAQ, including companies such as:

  • Nabors Industries Ltd. (and oil and gas company).
  • White Mountains Insurance Group, Ltd. (an insurance holding company).
  • Lazard Ltd. (a financial services company).
  • Other companies carrying on business in a wide range of fields from shipping to aircraft leasing to retail jewellers.

Bermuda is also the preferred jurisdiction for more than 30% of the 1,500 companies listed on the main board of the Hong Kong Stock Exchange. In total, approximately 800 Bermuda companies are listed on various stock exchanges, including the Toronto Stock Exchange, the Stock Exchange of Singapore and the London Stock Exchange.

 

To continue reading full articles in PDF format:
Accessing capital markets from Bermuda: tax system, regulatory structure and legal regime for listed companies

 


David W.P. Cooke
Director

BERMUDA   +1 441 299 4933


Niel L. Jones
Director

BERMUDA   +1 441 299 4903


This article was first published in Practical Law's Global Guide, 2015/2016

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Articles

Accessing capital markets from Bermuda: tax system, regulatory structure and legal regime for listed companies

In 2015, public offerings of nearly US$10 billion of Bermuda companies' securities were completed on the New York Stock Exchange (NYSE) or the NASDAQ Stock Exchange, more than double the amount of any other offshore jurisdiction (Source: Standard & Poors Capital IQ database of publicly available deal information). A number of successful initial public offerings (IPOs) of Bermuda companies have also completed on these exchanges recently. The IPO of Markit Ltd. (a leading global financial services provider) was ten times oversubscribed at US$1.3 billion, and the Axovant Sciences Ltd. IPO completed in June 2015 was the largest US IPO in the biotech sector for at least 20 years.

This activity continues a longstanding practice of Bermuda companies accessing North American capital markets through US stock exchanges. Currently, approximately 60 Bermuda companies maintain listings on the NYSE or NASDAQ, including companies such as:

  • Nabors Industries Ltd. (and oil and gas company).
  • White Mountains Insurance Group, Ltd. (an insurance holding company).
  • Lazard Ltd. (a financial services company).
  • Other companies carrying on business in a wide range of fields from shipping to aircraft leasing to retail jewellers.

Bermuda is also the preferred jurisdiction for more than 30% of the 1,500 companies listed on the main board of the Hong Kong Stock Exchange. In total, approximately 800 Bermuda companies are listed on various stock exchanges, including the Toronto Stock Exchange, the Stock Exchange of Singapore and the London Stock Exchange.

 

To continue reading full articles in PDF format:
Accessing capital markets from Bermuda: tax system, regulatory structure and legal regime for listed companies

 


David W.P. Cooke
Director

BERMUDA   +1 441 299 4933


Niel L. Jones
Director

BERMUDA   +1 441 299 4903


 

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Bermuda


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Bermuda