Marfin Popular Cyprus issues 200 mln euro covered bonds

Marfin Popular Bank has completed an issue of 200 mln euros in covered bonds with an annual interest rate of 3-month euribor plus 2%.
Marfin said the issue was completed on Friday. The covered bonds have a maturity of two years and an extension period of one year. The issue was completed under the group's 5 bln euro covered bond programme following the introduction on the new law on covered bonds last December.
The covered bonds are rated Baa3 by Moody's Investors Services. They will be admitted for listing and trading on the Irish Stock Exchange.
The bank said that the "cover" is composed of residential loans.