Cyprus central government debt at Euros 21.05 billion in end-2018

Cyprus central government debt amounted to Euros 21.05 billion at the end of 2018, marking an increase of 15% compared with 2017, the Finance Ministry’s Public Debt Management Office (PDMO) announced on Tuesday.

Cyprus’ public debt in 2018 deteriorated as the government issued a series of domestic bonds amounting to Euros 3.2 billion to facilitate the sale of the performing operations of the state-owned Cyprus Cooperative Bank (CCB) to Hellenic Bank.

According to data released by the PDMO, the central government debt peaked at Euros 22.41 billion at the end of the third quarter of 2018, with the government repaying Euros 1.35 billion in early repayments and bond maturities.

In December and November, the PDMO repaid maturing bonds amounting total Euros 501 million, while the short-term debt redemption for the last quarter of 2018 amounted to Euros 300 million. Repayment for retail bonds amounted to Euros 17 million.

Loan amortizations amounted to Euros 850 million out of which Euros 808 million are early repayments to the Central Bank of Cyprus for Euros 484 million and to Hellenic Bank for Euros 324 million.

According to the PDMO data, debt redemptions in 2019 increased to Euros 2.3 billion. The largest debt redemptions concerned payment of a Euros 750 million bond held by Hellenic Bank, two installments to the Russian loan concluded in 2011 with an initial value of Euros 2.5 billion.

Cyprus’ highest financing needs are scheduled for 2018 amounting to Euros 2.56 billion.

The European Stability Mechanism remains Cyprus’ biggest individual creditor with Euros 6.3 billion or 31% of Cyprus’ total debt, closely followed by foreign bonds (EMTN) with Euros 6 billion or 24% of total debt. Domestic bonds in end-2018 amounted to Euros 3.85 billion or 18% of the island’s debt.

Cyprus central government debt amounts to 99.7% of the islands total gross debt and excludes debt of Social Security Investments, state-owned enterprises categorized within the central government and the debt of local authorities.

Source: Cyprus News Agency

Cyprus central government debt at Euros 21.05 billion in end-2018

Cyprus central government debt amounted to Euros 21.05 billion at the end of 2018, marking an increase of 15% compared with 2017, the Finance Ministry’s Public Debt Management Office (PDMO) announced on Tuesday.

Cyprus’ public debt in 2018 deteriorated as the government issued a series of domestic bonds amounting to Euros 3.2 billion to facilitate the sale of the performing operations of the state-owned Cyprus Cooperative Bank (CCB) to Hellenic Bank.

According to data released by the PDMO, the central government debt peaked at Euros 22.41 billion at the end of the third quarter of 2018, with the government repaying Euros 1.35 billion in early repayments and bond maturities.

In December and November, the PDMO repaid maturing bonds amounting total Euros 501 million, while the short-term debt redemption for the last quarter of 2018 amounted to Euros 300 million. Repayment for retail bonds amounted to Euros 17 million.

Loan amortizations amounted to Euros 850 million out of which Euros 808 million are early repayments to the Central Bank of Cyprus for Euros 484 million and to Hellenic Bank for Euros 324 million.

According to the PDMO data, debt redemptions in 2019 increased to Euros 2.3 billion. The largest debt redemptions concerned payment of a Euros 750 million bond held by Hellenic Bank, two installments to the Russian loan concluded in 2011 with an initial value of Euros 2.5 billion.

Cyprus’ highest financing needs are scheduled for 2018 amounting to Euros 2.56 billion.

The European Stability Mechanism remains Cyprus’ biggest individual creditor with Euros 6.3 billion or 31% of Cyprus’ total debt, closely followed by foreign bonds (EMTN) with Euros 6 billion or 24% of total debt. Domestic bonds in end-2018 amounted to Euros 3.85 billion or 18% of the island’s debt.

Cyprus central government debt amounts to 99.7% of the islands total gross debt and excludes debt of Social Security Investments, state-owned enterprises categorized within the central government and the debt of local authorities.

Source: Cyprus News Agency