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Government buys back bonds worth €214m, PDMO says

The state bought back outstanding government bonds maturing in 2020 and 2021 with a face value of €214m, the public debt management office said.

The government spent a total of €236.3m for the bond buy-back on Friday, announced on August 30, the PDMO, a division of the finance ministry, said in a statement on its website. The bonds of four separate issuances with an interest rate ranging from 4.75 per cent to 6.1 per cent, were listed at the Cyprus Stock Exchange.

A total of 23 investors, which also received accrued interest participated in the transaction, the PDMO said.

The decision to buy back the above securities, announced a month after the government issued a €1bn 7-year government bond in July, is part of its plan to smooth out future debt maturities, which alone in 2019 and 2020 are estimated to amount to almost €4bn.

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