Cyprus to tap the markets with 7-year and 30-year bonds

Cyprus announced its intention to proceed with the issuance of 7-year and a 30-year euro-denominated bonds in a bid to strengthen its cash reserves amid the crisis caused by the coronavirus pandemic.

A press release issued to the markets states that “the REPUBLIC OF CYPRUS, rated BBB- (stable) by Standard and Poor`s, Ba2 (positive) by Moody`s, BBB- (stable) by Fitch and BBBL (positive) by DBRS, has mandated Barclays, J.P. Morgan, Morgan Stanley and Société Générale to lead manage a EUR-denominated dual-tranche RegS, CACs benchmark.”

“The deal comprises a EUR benchmark April 2027 fixed rate tranche and a EUR benchmark April 2050 fixed rate tranche,” the press release writes.

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