Cyprus New Bond Issue

The Public Debt Office of Cyprus has issued the following relating to the new 10 year bond issue.

“The Republic of Cyprus, rated BB- (positive) by Standard and Poor’s, B3 (stable) by Moody’s, B+ (positive) by Fitch and BL (stable) by DBRS, launched its second syndicated transaction of the year following a May 2022 benchmark in the first half of the year. The new EUR 1.0bn 10 year Reg S registered benchmark (due 4 November 2025) has a 4.25% coupon and was priced at par.

Barclays, Goldman Sachs International, HSBC and Nomura were mandated as joint bookrunners on the transaction. The objectives of the transaction were in line with the stated Public Debt Management Strategy of the Republic of Cyprus to build out an international bond yield curve, manage refinancing risk by smoothening out the debt maturity profile, enhance investor relations and expand the existing investor base Highlights of the Transaction.

Taking advantage of stable market conditions and recent rating upgrades by both S&P and Fitch, the Republic of Cyprus launched a new 10 year benchmark transaction, due 4th November 2025, in conjunction with a switch offer of the 4.75% June 2019, 4.625% February 2020 and 6.50% May 2020 bonds. Prior to the launch, the Republic of Cyprus had conducted a road show targeting investors in London, Paris, Frankfurt and Munich.”

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