Cyprus Mail
Business Cyprus

State raises €7.04 mln from bond sale

The finance ministry has approved applications for six-year domestic bonds worth €7.04 million, the public debt management office said on Wednesday.

The office said it received 133 applications ranging between €3,200 and €1.0 million with an average of €52,938.

It was the first auction of the savings bond programme for retail investors that will be held every month.

The ministry aims to collect €10 million per month.

The next series of bonds, expiring in 2020, will be issued on July 1 with the auction held between June 2 and 20.

The six-year bonds will bear a 5.75 per cent coupon until maturity but can be redeemable with a lower interest rate starting at 2.75 per cent two years after acquisition.

The minimum subscription for the issue is €1,000.

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