Cyprus issues 7-year bond at an annual rate of 2.75%

Finance Minister Harris Georgiades said that the government borrowed €850m on June 20, 2017 with the issue of a 7-year bond at an interest rate of 2.75%.

The issue was more than four times oversubscribed with total subscription reaching €3.7m, the Finance Minister commented on Twitter.

The receipts will serve pay back “existing, more expensive debt,” he said.