Local
articles | 07 January 2015

Cyprus plans two international debt issues in 2015

Cyprus plans two international debt issues this year, its finance minister said recently, seeking a firmer footing in markets after a near meltdown in 2013.

The island is preparing for two issues under its European Medium Term Note (EMTN) programme, Finance Minister Harris Georgiades said. Details have not yet been decided.

Cyprus, which required a €10 billion lifeline to stave off bankruptcy in March 2013, successfully tapped international markets last June with a €750 million issue taken under the same programme.

It was the swiftest comeback of a bailed-out nation to international markets in the history of the euro debt crisis.

“Cyprus is implementing an ambitious programme of economic reform and consolidation which is already delivering early and tangible results. On such sound foundations we are aiming to re-establish sustainable market access,” Georgiades told Reuters.

Georgiades said the upcoming debt issues would not substitute but complement existing financing from lenders. The EMTN programme has a ceiling of €9 billion.

Source: Cyprus Mail

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