Cyprus will be tapping the markets, possibly on Wednesday, with 30-year and five-year bonds.
The bonds could be used for the early repayment of a €2.5bn loan from Russia, secured in 2011.
It would be the first time Cyprus issued a 30-year bond.
In a statement, the finance ministry said it has mandated Barclays, Deutsche Bank, Goldman Sachs International, J.P. Morgan, Morgan Stanley and Societe Generale to lead manage a EUR-denominated dual-tranche.
The deal comprises a December 2024 and a May 2049 fixed rate tranche.
Excluded from the financial markets, in 2011 Cyprus secured a €2.5bn from the Russian Federation in a bid to cover its financing needs.
The loan’s repayment period was extended to 2021 and the interest rate was cut to 2.5 per cent from 4.5 per cent in 2013, after Cyprus sought a bailout. The outstanding amount is €1.57bn.