The Public Debt Management Office (PDMO) said that it selected seven international investment banks to help develop an “efficient” secondary market for Cypriot government securities.
Barclays Bank. Citi, Goldman Sachs International, HSBC, J. P. Morgan, Morgan Stanley and Société Générale Corporate & Investment Banking “will be asked to take on the role of lead manager in the Republic’s syndications in the international market and will work closely with the PDMO in order to further develop a well-functioning and efficient secondary market for the sovereign bonds of the Republic of Cyprus,” the PDMO, a division of the finance ministry, said in an emailed statement on Tuesday.
A finance ministry source said that the seven financial groups will consult the government in various ways including with respect to the timing of future bond issues. They will also help attract new investors and make Cypriot bonds more visible in the secondary market in an attempt to help reduce yields, he said.
The Cyprus Business Mail understands that the government is not planning any new debt issue before next year’s presidential elections.