Cyprus Bond Issue

Cyprus made a successful come back to the international markets after a successful bond issue.  The successful five-year bond is a major benefit to the banks as it will strengthen liquidity and capital adequacy.

This is a positive sign for the stabilisation of the economy and the banking sector and shows that confidence has greatly increased in both the Cyprus economy and the Cyprus banking sector and will further improve the assessments made on the Cyprus economy

The € 750 million raised from the  five-year bonds will refinance domestic debt the cost of which a year ago was 4.3% and today is less than 3%.

The issue was made mostly to foreign funds and hedge funds.

Cyprus ratings are Moody’s –  Caa3, S & P – B and  Fitch – B-.

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