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Return to the markets in 2015

05/10/2015 17:22
Cyprus is preparing for another bond issue before the end of 2015 Government Spokesman Nikos Christodoulides confirmed on Monday, invited by the Cyprus News Agency to comment on a Financial Times report that Cyprus will seek €1.5 bn in a 10-year bond sale.

“If conditions permit it we will issue a new bond in the international capital markets in 2015” Christodoulides told CNA adding that “such moves will indicate that the economy`s credibility is restored at international level”.

He said that the maturity, the amount and the exact time of the issue are yet to be decided.

Finance Minister Haris Georgiades has repeatedly stated that the government aims at borrowing twice this year from international markets.

In April the country sold one billion euros in seven-year bonds to pay off older, costlier and short-term domestic borrowing. The interest rate was 3.87% and the performance 4%.

Cyprus` borrowing costs have fallen to historic low. Yields on benchmark 2022 year bond were at 3.58% on Friday and yields on bonds maturing in 2020 were at 3.11%.