Insider Economy Finance Minister satisfied over double bond issue

Finance Minister satisfied over double bond issue

Finance Minister Constantinos Petrides expressed on Tuesday his satisfaction over the conclusion of a double bond issue, that will secure the biggest part of the country’s borrowing needs for 2020, while repaying an IMF rescue loan earlier than planned.

The 10-year and 20-year euro denominated bonds, of €1bln and €750m respectively, have low interest rates. Their indicative yields so far stand at 0.73% for the 10-year bond and at 1.33% for the 20-year bond.

Total bid value exceeded 13 billion, comprising the largest bid in the history of this type of bond issue, and exceeded the original request by almost seven times, Petrides says.

The Finance Minister notes, among others, that the bond will be used to repay the IMF loan earlier, “proving that Cyprus is able to cover its own financing needs from the markets.” With the repayment, Cyprus will save more than €15m in interest rates, he adds.

Repaying the IMF loan is also expected to impact positively on capital markets, enhancing the credibility of the Republic of Cyprus towards investors, according to the Minister. Our goal is to secure our country’s stability and growth perspective, Petrides concludes.

(Cyprus News Agency)

Top Stories

143 new cases of COVID-19, one death announced on Wednesday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 231,...

Spa uses thermal water to help recovering Covid patients

A thermal baths spa in the city of Pisa, where a day to unwind and relaxation is not possible due to Covid restrictions, is...

Fire in Limassol, near Koilani village

The Fire Service in Limassol has been mobilized after a fire broke out in a hard to reach area of Koilani village, According to the...

Truck collides with van; One person in hospital

An accident occurred at the old Nicosia-Limassol road when a truck collided with a van and as a result one person was injured. According to...

More than 64,000 vaccinations in Cyprus.

In an announcement, the Health Ministry noted that Cyprus is moving ahead toward the completion of one of its main targets, regarding the vaccination...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...