Bank of Cyprus raises debt ceilings

Bank of Cyprus has decided to increase the size of its Euro Medium Term Note (EMTN) Programme and its Euro Commercial Paper (ECP) Programme to EUR2,0 bln and EUR1,0 bln respectively.

It is noted that, at its establishment in September 2003, the EMTN Programme’s size amounted to EUR750 mln. The size of the EMTN Programme was increased to EUR 1 billion in 2004 and EUR 1,5 billion in 2006. Under the EMTN Programme, the Bank has the flexibility to issue, according to its needs, senior debt and/or subordinated debt in all major currencies.

The ECP Programme was established in April 2006 for a total nominal amount of EUR 500 million. Under the ECP Programme, the Bank has the flexibility to issue, according to its needs, commercial paper in all major currencies.