Cyprus planning new €1 billion bond

Cyprus hopes to sell a new bond worth as much €1 billion and orchestrate a buyback of some of its older bonds this year, Phaedon Kalozois, head of Cyprus’ debt office, said recently.

“We plan to access the market this year with a new benchmark-sized (bond)… A benchmark size for Cyprus is about €750 million to €1 billion ($1.13 billion),” Kalozois said at a Euromoney conference.

“It will probably be of a seven-year maturity… the option for a liability management buy back transaction is also under consideration.”

He added Cyprus was also looking to set up a primary dealer network this year and was already in discussions with banks.

Source: InCyprus