Cyprus Mail

Bond issue restores island’s creditworthiness (updated)

By Stelios Orphanides

Finance minister Harris Georgiades said that the government issued a €1bn 10-year bond at an average yield of 4.25 per cent today, a move that signals the final restoration of market access following the €10bn March 2013 bailout.

“We had a successful issue of a 10-year bond and we borrowed €1bn at a rate of 4.25 per cent,” Georgiades told reporters in Nicosia today according the transcript of his statement emailed by the press and information office. “It is the lowest rate at which the Republic of Cyprus ever issued a 10-year bond and €450m (of the money borrowed) will be exchanged with bonds maturing in 2019 and 2020, while the other €550m will strengthen the government’s cash reserves in the near future after Cyprus exits its adjustment programme”.

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