The Republic of Cyprus on Tuesday announced the appointment of investment banks Citi, Deutsche Bank, Goldman Sachs Europe, and HSBC as advisors for the issuance of a new €1 billion 7-year bond under its Euro Medium Term Note (EMTN) programme.

According to information cited by the Cyprus News Agency (CNA), the book for the bond issuance is expected to open tomorrow, contingent on market conditions.

In conjunction with this announcement, Cyprus has also revealed a capped offer to redeem up to €500 million of an existing €1.5 billion bond with a 2.375 per cent interest rate, maturing in September 2028.

The redemption price has been set at 98.4 per cent of the original amount.