Cyprus Mail

Government sells €300m bond via private placement (Updated)

By Stelios Orphanides

The government sold a €300 million, seven-year bond to an undisclosed domestic investor via private placement on January 24, the Public Debt Management Office, a division of the finance ministry, said.

The undisclosed investor will receive an annual interest of 3.25 per cent on his investment, the PDMO said in a statement on its website on Wednesday.

By comparison, the 7-year government bond issued in July last year at an average yield of 3.8 per cent, was traded on Wednesday morning at an average yield of 3.07 per cent on the secondary market, according to a Bank of Cyprus document seen by the Cyprus Business Mail.

It is the second major sale of a government bond by private placement carried out by the government following the 2013 crisis. The first time involved the sale of a €100m seven-year bond to a foreign investor at an average yield of 6.5 per cent.

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