Eurobank Holdings has successfully completed the issuance of Tier 2 subordinated bonds worth €400 million, attracting robust demand that reached €2 billion, according to an announcement released on Wednesday.

Alongside the bond issue, the bank has announced an exchange offer for Hellenic Bank’s Tier 2 bonds, valued at €200 million with a 10.25 per cent coupon, as part of its strategy to optimise its capital base.

Regarding the €400 million bond issue, Eurobank stated that investor confidence in its creditworthiness led to demand that exceeded the offer by five times.

This allowed the bank to secure €400 million at a reduced credit spread of 200 basis points, down from an initial indication of 225 basis points.

The president of the Pancyprian Association of Cinema Owners Marios Herodotou has issued a final appeal to the authorities to exclude cinemas from the venues where a price cap on bottled water is to be imposed.

This request comes as part of discussions on the draft legislation aimed at regulating bottled water prices in locations with insufficient competition.

Herodotou said in a statement to parliament that cinemas do not constitute “closed markets” and should therefore be excluded from the proposed legislation.

He also urged government authorities and lawmakers to support rather than target the cinema industry, which he said is already struggling due to piracy, pandemic-related downturns, and economic challenges.

Shipping Deputy Minister Marina Hadjimanolis, and Gender Equality Commissioner Josie Christodoulou hosted a press conference on Wednesday at the Presidential Palace to launch the ‘Women in Shipping’ campaign.

This initiative, a collaboration between the commissioner and the Deputy Shipping Ministry, seeks to raise awareness and highlight the growing role of women in the maritime sector.

Hadjimanolis began by offering her warm congratulations to the commissioner and her team for their innovative work, which she noted is “perfectly aligned with the priorities of President Nikos Christodoulides.” 

Despina Panayiotou Theodosiou, co-owner of Tototheo Global and immediate past president of WISTA International, discussed the social prejudices women face when entering maritime professions.  

She explained that the most important barrier is the belief that maritime careers are not suited for women, particularly those working aboard ships. This perception continues to limit opportunities for women in the sector. 

The Bank of Cyprus has made significant progress in implementing measures designed to alleviate financial pressures on its customers, particularly through reduced charges and lower interest rates.

According to the bank, nearly all the commitments announced have been fulfilled, with additional initiatives underway.

As of January 10, the bank has introduced a series of subsidies and grants aimed at various customer groups.

Among the measures is a one per cent interest rate subsidy for housing loans under the government’s housing subsidy scheme for young couples and young people up to the age of 41.

This subsidy applies to fixed-rate loans for three years, reducing rates from 3.60 per cent to 2.60 per cent for contributions exceeding 30 per cent and from 3.65 per cent to 2.65 per cent for contributions below that threshold.

Beyond the three-year period, the agreed terms at the time of loan approval will apply.

Cyprus-based venture capital company 33EAST, supported by the European Investment Fund, has raised €26 million to launch its first venture capital fund, aiming to boost the island’s start-up ecosystem and foster innovation.

The fund, launched in January, is backed by the Cypriot government through the ‘National Recovery and Resilience Plan’, the Bank of Cyprus, and local investors.  

Its initial capital includes €19 million from the Cyprus Equity Fund, a programme under the plan, and €7 million from private investors, with €2 million contributed by the Bank of Cyprus. 

Targeting pre-seed and seed-stage start-ups, 33East offers investments ranging from €500,000 to €1 million per company.  

An additional €2.5 million has been allocated to an accelerator initiative designed to nurture earlier-stage ventures. 

Cyprus is getting its own AI taskforce, after the cabinet agreed on Wednesday it was necessary to help prepare the country to address challenges and grasp the opportunities offered by artificial intelligence.

The 11-member taskforce will advise the government on the development, incorporation and implementation of AI in Cyprus, with the aim of enhancing the economy, securing competitiveness and improving the quality of life for all.

Deputy Research Minister Nicodemos Damianou said the taskforce would make recommendations to the president via the deputy minister and would be responsible for drafting the country’s strategy on AI.

It would also determine the sectors in which AI would be useful, suggest ways to increase the effectiveness and efficiency of the public sector, monitor international trends and develop a research and innovation ecosystem in the field of AI.

The electronic money institutions (EMIs) sector is experiencing rapid growth, driven by the increasing demand for digital transactions, according to Moneygate founder and CEO Nicolas Treppides.

“As we step into 2025, the outlook for EMIs remains highly promising, though emerging challenges are shaping a dynamic and demanding landscape,” he explained. 

Treppides also commented on the Cypriot economy, noting that it is projected to grow at a rate of approximately 2.8 per cent in 2025. He said that this “further strengthens the sector’s momentum”.

The Cyprus Stock Exchange (CSE) ended Wednesday, January 22, with losses.

The general Cyprus Stock Market Index stood at 226.30 points at 12:38, reflecting a drop of 0.56 per cent.

The FTSE / CySE 20 Index was at 137.50 points, representing a decrease of 0.57 per cent.

The total value of transactions came up to €264,231, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.98 per cent and 2.58 per cent respectively. The alternative index rose by 0.85 per cent while the hotel index increased by 0.95 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.79 per cent), Demetra Holdings (-2.62 per cent), Logicom (+0.52 per cent), Atlantic Insurance (+6.87 per cent), and Vassiliko Cement Works Public Company (+1.12 per cent).