Cyprus has made its second return to the international debt markets with the successful issuance of a seven-year €1 billion bond bearing a coupon rate of 4%. The bond issuance was oversubscribed with offers nearing €2 billion. During a statement, Cyprus’ Finance Minister, Harris Georgiades stated: “The Cyprus economy has regained the confidence of the international investment community”.
The first bond issuance following the 2013 banking crisis was on June 18, 2014 for €750 million with a coupon rate of 4.75%. The success of this second bond issuance is a positive sign for the recovering Cyprus economy and signifies that the economic measures undertaken by the government are on the right track.
The joint lead managers of the bond issue are Barclays, HSBC, Morgan Stanley, SG CIB.