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GEORGE TOWN, Cayman Islands, may 18 2016 – A Caribbean financial center favored by hedge funds is now the third-biggest foreign owner of U.S. government debt.
The Cayman Islands, where more hedge funds are domiciled than anywhere else in the world, held $265 billion of Treasuries as of March, up 31 percent from a year earlier, according to data the U.S. Treasury Department released Monday.
It was the first time that the U.S. released details of bond holdings among OPEC and Caribbean countries, and it came in response to a Freedom-of-Information Act request submitted by Bloomberg News.
The world’s mines and steel plants got so devalued during the commodity slump that some were just given away by owners struggling to cut losses or debt.
