Cyprus issues new 7-year bond

Cyprus taps on Tuesday the markets with a new 7-year bond, as it was announced by the Public Debt Management Office.

“Today we are once again testing our strength in the international markets,” Finance Minister Harris Georgiades wrote in a post on twitter.

According to an announcement made on Monday at the London Stock Exchange, the Republic of Cyprus acting through the Ministry of Finance intends to offer new euro-denominated fixed rate notes due in 2024 for cash in denominations of Euros 1,000.

Citigroup Global Markets Limited, Goldman Sachs International and HSBC Bank plc are appointed to act as Joint Lead Managers for the New Notes Offering.

The expected bidding process started around midday and is expected to close late in the afternoon. Results are expected to be announced in the evening. Cyprus will try to draw at least half a billion euros.

Cyprus will proceed to the exchange / repurchase of the following existing bonds of the Republic:

Eurobond 2019 4.75% XS1081101807

Eurobond 2020 4.625% XS0483954144

Eurobond 2020 6.5% XS1064662890

The Republic of Cyprus has a credit rating of BB + (stable) by Standard and Poors, B1 (positive) by Moodys, BB- (positive) by Fitch and BBL (stable) by DBRS.

Source: Cyprus News Agency