BOC concludes EUR 300 mln bond issue

Bank of Cyprus Public Company Ltd (BOC) has successfully closed a EUR 300 mln Senior Debt issue on 27 May 2005. The bond, of a three-year term, has an issue/reoffer price of 99,853% and pays a coupon of 30 basis points above 3-month Euribor. The bond was issued under the Bank’s EUR 1 bln EMTN Programme, which was established in September 2003.

The size of the issue was initially set at EUR 200 mln, but following the high demand (exceeding EUR 300 mln) the Bank decided to increase the size of the issue to EUR 300 mln. The Bond was mainly placed with institutional investors in Europe.

The joint lead managers to the issue were Merrill Lynch International and Deutsche Bank. The bond will be listed on the Luxembourg Stock Exchange. The proceeds of the issue will increase the Bank of Cyprus Group’s loanable funds, contributing to the further expansion of its operations.