Cyprus Mail

Government to buy back up to €667.7m in bonds

The Public Debt Management Office, a division of the finance ministry, said it will buy back outstanding government development stock maturing on July 1, 2019 at a price of €107.84 per €100.

The total outstanding amount of this six-year security, which carries an annual rate of 4.5 per cent is €667.7m, according to the PDMO’s website. “It is understood that the interest accrued will also be paid by December 23,” when the transaction becomes effective.

Interested bondholders can apply until December 16, the PDMO said. The transaction will become effective on December 23.

In 2019, the government, which on October 31 held a total of €1.3bn in deposits at the Central Bank and €909.4m at commercial banks, is facing debt maturities totalling almost €2.2bn.

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