Local
articles | 02 July 2013

Exchange of Cyprus government bonds in the order of €1 billion completed, says FinMin

The exchange of €1 billion worth of government bond has been successfully completed, the Public Debt Management Office of the Ministry of Finance has announced.

Specifically, an exchange, via the method of private placement, has been completed of six year bonds of theorder of €692,629,000.00, maturing on July 1 2019 of an annual yield rate of 4.50%. In addition seven year bonds worth €82,659,000.00, of an annual yield rate 4.75%, maturing on July 1 2020, were also exchanged via private placement. Eight year bonds of a value of €75,000,000.00, of an annual yield rate of 5.00% are due on July 1 2021. Nine year bonds of a value of €52,700,000.00, of an annual yield rate of 5.25% will mature on July 1 2022. Ten year bonds of a value of €99,449,000.00, of an annual yield rate of 6.00% will mature on July 1 2023.

Last March Cyprus agreed with international lenders on €10 billion aid package, under which it closed down the Popular Bank, and imposed painful losses on deposits of more than €100,000 held at the euro zone state`s biggest lender, Bank of Cyprus. Both institutions were heavily exposed to the Greek debt.

Source: Financial Mirror

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