The Republic of Cyprus is looking for investors to issue a sustainable bond, the Financial Director of the Public Debt Management Office, Phaidonas Kalozois, said this week.

Kalozois had been asked by the Cyprus News Agency (CNA) to confirm a Reuters report according to which Cyprus recruited banks in order to move ahead with the issuance of a sustainable bond.

Citing a note, Reuters said that bond advisers planned an investor call on Tuesday, followed by meetings with investors on Wednesday and Thursday.

“It will only be issued if market conditions allow,” Kalozois clarified.

“What we are doing at the moment is holding contacts with investors. We will see the amount and the rest of the terms from next week,” he added.

Moreover, Cyprus has identified €1.06 billion of assets for financing through its sustainable bond programme, 83 per cent of which are social projects and 17 per cent have been classified as green, according to an investor presentation on the Public Debt Management Office’s website.

“Barclays, HSBC, JPMorgan, Morgan Stanley and Societe Generale will manage the deal,” Kalozois confirmed.

The Sustainable Financing Framework was released by the Public Debt Management Office on 15 March.

The framework defines and determines the use of the revenue to be secured from the issuance of the sustainable bond, the evaluation and selection process of the eligible projects, the management of the revenue and the publication of all relevant reports.

The framework also defines eligible expenditure covering the green, sustainable and social sectors.

Green and sustainable bonds are a financing tool that is attracting particular interest from international investors and its use by the Republic of Cyprus will offer multiple advantages as it will provide access to new investors and increase interest in the international capital markets for the country’s issues and will expand the state’s financing options, the Ministry of Finance said in a previous announcement.

Most European countries have issued green bonds. According to Reuters, Cyprus, together with Luxembourg and Slovenia, intend to issue a sustainable bond, which includes the financing of social projects, in addition to green ones.

The Paphos regional tourism board (Etap) has announced that it has increased its investment and focus in regard to its domestic tourism initiatives, including its objective to promote the district during Easter for all local visitors.

“Paphos continues to be among the first choices and preferences of Cypriot vacationers, especially during the Easter period, the summer holidays, the Christmas holidays, but also throughout the year, for excursions on weekends and public holidays,” an Etap announcement said.

“Most of the tourist units in the district of Paphos have been upgraded and offer attractive prices again this year,” the announcement added, noting that restaurateurs and other tourism professionals are ready to welcome visitors and provide them with high-level services and hospitality.

Moreover, according to the announcement, the Cyprus-wide campaign mainly includes the use of social media, including Facebook and Instagram, combined with the efforts of tourism professionals who will further promote the district to all permanent residents of Cyprus.

The Cyprus Stock Exchange (CSE) ended Tuesday, March 28 with losses.

The general Cyprus Stock Market Index was at 104.81 points at 13:18 during the day, reflecting a decrease of 0.97 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 63.33 points, representing a drop of 0.99 per cent.

The total value of transactions came up to €28,863.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.70 per cent and 5.26 per cent respectively.

The hotel index rose by 1.26 per cent while the alternative index increased by 0.68 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.39 per cent), the Cyprus Cement Public Company (no change), Hellenic Bank (-1.86 per cent), Demetra (-5.5 per cent), and Atlantic Insurance (no change).