Cyprus to tap the markets with 5-year and 30-year bonds

Cyprus has mandated investment banks to manage a double bond issue comprising a 5-year and a 30-year euro denominated bonds, Ministry of Finance announced today.

Finance Minister Harris Georgiades has said the Ministry is considering an early repayment of the loan it obtained in 2011 from the Russian Federation. The loan’s outstanding amount is Euros 1.57 billion.

The REPUBLIC OF CYPRUS, rated BBB- (stable) by Standard and Poor’s, Ba2 (stable) by Moody’s, BBB- (stable) by Fitch and BBBL (stable) by DBRS, has mandated BARCLAYS, DEUTSCHE BANK, GOLDMAN SACHS INTERNATIONAL, J.P. MORGAN, MORGAN STANLEY and SOCIETE GENERALE to lead manage a EUR-denominated dual-tranche RegS, CACs benchmark, the Finance Ministry said in statement.

The deal comprises a EUR benchmark December 2024 fixed rate tranche and a EUR benchmark May 2049 fixed rate tranche. The issue is expected to be launched in the near future subject to market conditions, the statement added.

Source: Cyprus News Agency