Cyprus prepares double bond issue

Cyprus has mandated investment banks to manage a double bond issue comprising a 10-year and 20-year euro-denominated bonds, the Ministry of Finance announced.

“The Republic of Cyprus, rated BBB- (stable) by Standard and Poor`s, Ba2 (positive) by Moody`s, BBB- (positive) by Fitch and BBBL (positive) by DBRS, has mandated GOLDMAN SACHS, BANK OF AMERICA,  CITI and HSBC to lead manage a EUR-denominated dual-tranche RegS, CACs benchmark (registered form),” the announcement said.

The deal comprises a EUR benchmark January 2030 fixed rate tranche and a EUR benchmark January 2040 fixed rate tranche.

The issue is expected to be launched in the near future subject to market conditions. FCA/ICMA stabilisation applies.