Insider Economy Cyprus to tap capital markets, reopening existing 2024, 2040 bonds

Cyprus to tap capital markets, reopening existing 2024, 2040 bonds

 

Cyprus announced it will tap two existing bonds maturing in 2024 and 2040 for a minimum amount of €500 million, in a bid to replace more expensive debt expiring by end-2020 with cheaper debt.

“The REPUBLIC OF CYPRUS, rated BBB- (stable) by Standard and Poors, Ba2 (positive) by Moody’s, BBB- (stable) by Fitch and BBBL (stable) by DBRS, has mandated Citi, Deutsche Bank, Goldman Sachs International Bank and HSBC for a dual-tranche re-opening of the Republic’s existing RegS, CACs benchmarks (registered form) maturing on 3rd December 2024 and 21st January 2040, with a minimum size of EUR250mn for each tranche. Listing London Stock Exchange (Regulated Market). Denoms 1k+1k. English Law. The transaction is expected to be launched in the near future subject to market conditions. FCA/ICMA stabilisation applies,” a market announced said.

This will be the second time the Ministry of Finance and its advisors opt to reopen existing bonds. In September 2019 the MoF reopened existing bonds maturing in 2034 and 2049 securing €100 million and €250 million respectively.

(CNA)

Top Stories

8 day remand for 2.7 kgs of cannabis possession

  Two people were remanded in custody by the district court in Nicosia following their arrest yesterday for possession of 2.7 kilograms of cannabis. The 25...

Cyprus to assist Lebanon with 5 million, opens up ports, airports and air base

  President Anastasiades announced a 5 million euro assistance to Lebanon, following the August 4 deadly explosion and opened up the country's ports and airports,...

Lebanon donor video conference-Macron urges ‘fast, effective response’

  'We must act quickly and effectively so that assistance is channeled where it's most needed', urged French President Emanuel Macron, opening a Lebanon donor...

‘Volunteer doctors Cyprus’ in Beirut to assist

  Α three member delegation of 'Volunteer Doctors Cyprus', headed by paediatric surgeon Dr.Eleni Theocharous is in Beirut to provide medical care and humanitarian assistance. It...

Fire breaks out on four fronts near Prasteio Aydimou-Prasteio evacuated (UPDATE 2)

  A fire broke out just before two this afternoon near the Prasteio Aydimou community in Limassol. The fire service spokesman Andreas Kettis wrote in his...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...