The Bermuda Government has reportedly priced a $1.35 billion bond issuance that will be used to refinance existing debt at more favourable interest rates, and to meet future borrowing needs.The bonds are evenly split between 10-year and 30-year maturity, according to Latin Finance.The issuance is said to consist of $675 million of 2.375 per cent senior notes due in 2030 notes, and $675 million of 3.375 per cent senior notes due in 2050.Concurrently, the Government is buying back $500 million of debt bonds that were all paying out at higher interest rates than the reported new issuance.The tender offer for the buying back of the bonds applied to holders of the $475 million issuance of 4.138 per cent senior notes due 2023; the $550 million issuance of 4.854 per cent senior notes due 2025; the $665 million issuance of 3.717 per cent senior notes due 2027; and the $620 million issuance of 4.75 per cent senior notes due 2029.Pricing details of the tender offer were announced by the Government, including details of validly tendered bonds, following the expiration of the offer yesterday. Curtis Dickinson, the finance minister, told the House of Assembly last month that the Government was planning a bond issuance of between $1 billion and $1.25 billion this year, with some of the proceeds being used to refinance existing debt at more favourable interest rates.The Royal Gazette has contacted the Ministry of Finance for a comment on the reported size and pricing of the new bond issuance.