Bank of Cyprus senior debt oversubscribed

The issue of EUR 500 mln Senior Debt by Bank of Cyprus has been completed successfully under the Bank’s EMTN Programme. The issue was oversubscribed within only a few hours, with the total subscription amount reaching EUR2 bln giving the Bank the opportunity to improve the terms of the issue.

The Notes were allocated to institutional investors, mainly from Germany, France, the United Kingdom, Portugal and Austria.

The joint lead managers of the issue were Barclays Capital, Goldman Sachs International and Natixis.

The Notes were priced at 99,915 and bear a coupon of 20 basis points (0,20%) above the three-month Euribor, resulting in a discount margin of 23 basis points (0,23%). The Notes mature on 28 June 2010.

The Notes will be listed on the Luxembourg Stock Exchange.

The proceeds of the issue will be used to fund customer loans in the new markets where the Group is expanding.