CYPRUS: 7-year EMTN bids reach €2.5 bln

Bids for a 7-year Cyprus government bond under the EMTN programme reached EUR 2,462,698,000, exceeding by two and a half times the initial target of 1 bln set by the Ministry of Finance, with a yield of 3.80%.

 
The Ministry of Finance said that it opened book of offers aiming at raising EUR 1 bln, with an issue date of July 26, 2016 and maturity July 26, 2023.
Finance Minister Harris Georgiades tweeted that the issue was a decisive confirmation movement of the investor’s confidence in the Cypriot economy.
The transaction falls within the framework of the Annual Financial Plan for 2016 as approved by the Minister of Finance and in accordance with the Medium-Term Management Strategy of Public Debt for 2016-2020.
The new issue comes nearly a month after the UK decision to leave the EU, but the bond will be listed under English law.
Barclays, JP Morgan, Morgan Stanley, Societé General and VTB Capital are acting as lead advisers.
Last October, Cyprus issued a 10-year bond raising EUR 1 billion with a yield of 4.25% that is traded today at 3.76%.