Cyprus to place part of EUR 1.5 bln euro-bond with banks

The Cyprus Finance Ministry will hold a written bidding process, allowing Cyprus banks and the Cooperative Banks to bid for part of the proceeds of the EUR 1.5 bln raised last week from international and local investors.
Finance Minister Charilaos Stavrakis said “we shall hold a transparent written bidding process whereby banks and cooperative establishments will offer the most competitive rates.''
Stavrakis said the placing of the funds with Cypriot commercial banks and cooperative establishments would constitute ''a significant liquidity injection in the Cypriot economy, leading to a further reduction in interest rates.''