CYPRUS: New 7-year EMTN bond ‘a success’

Cyprus tested the markets successfully once again on Tuesday as it issued a 7-year EMTN bond amounting to 850 million euros, according to Public Debt Management Office at the Ministry of Finance.

 
The coupon was set to 2.7% and the yield to 2.8%, the PDMO said.
Total bids amounted to 3.7 bln.
The Finance Ministry had said in a statement on Monday that it intended to utilise this issuance to buyback three EMTN bonds maturing in 2019 and 2020 with a face value of EUR 1.4 bln with a higher yield.
“Today we are once again testing our strength in the international markets,” Finance Minister Harris Georgiades wrote in a post on twitter.
According to an announcement issued on Monday at the London Stock Exchange, the Republic of Cyprus acting through the Ministry of Finance intended to offer new euro-denominated fixed rate notes due in 2024 for cash in denominations of €1,000.
Citigroup Global Markets Limited, Goldman Sachs International and HSBC Bank plc were appointed to act as Joint Lead Managers for the New Notes Offering.
The PDMO said that Republic of Cyprus has a credit rating of BB + (stable) by Standard and Poor’s, B1 (positive) by Moody`s, BB- (positive) by Fitch and BBL (stable) by DBRS.