Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus eyes post-bailout public market return

By Sarka Halas

Cyprus is preparing a benchmark public debt sale just a year after it was bailed out, which if successful would make it the quickest return to the bond market by a sovereign after a rescue.

The issuer has mandated Deutsche Bank, Goldman Sachs, HSBC, UBS and VTB Capital to arrange a series of fixed income investor meetings in Europe ahead of the deal.

The announcement comes on the back of a peripheral rally that has been gaining momentum following last week's European Central Bank announcement that it is seeking to boost Europe's growth.

Greece's 10-year bond, which peaked at 6.3 percent earlier in June, was quoted at 5.4 percent on Tuesday, according to Tradeweb.

The sovereign will be meeting with investors in London and Germany over two days starting on June 16.

Cyprus sold a 100-million-euro private placement back in April. The bond was sold to an overseas investor and was seen as an initial test for a potential public bond market return.

The issue carried a 6.5 percent coupon, but with peripheral spreads tightening to record lows, a syndicate banker working on the new potential Cyprus bond spotted it recently at 5 percent.

Cyprus has shown stronger than expected economic performance and full compliance with the European Stability Mechanism and International Monetary Fund adjustment program.

The sovereign was effectively shut out of international financing markets in May 2011 as concerns around the health of eurozone peripheral countries escalated. This caused its benchmark bonds to spike in yield to above 14 percent.

Cyprus is rated Caa3/B/B- by Moody's/S&P/Fitch (positive/positive/stable).

Back in April, the sovereign was raised one notch by Standard and Poor's amid a diminishing threat of the country not being able to meet loan repayments. Moody's will be next to review the country's rating on July 18. [Reuters]

ekathimerini.com , Tuesday June 10, 2014 (15:35)  
Deadline looms for struggling Cyprus Airways
Bank of Cyprus expects to relist on Nicosia, Athens exchanges
Bank concerns lead to fresh losses on bourse
Greece needs private debt overhaul, Piraeus Bank CEO says
Anti-racism bill approved in principle, final vote Friday
An anti-racism bill introducing tougher penalties for individuals and political parties that engage in racism or incite racist violence and those who praise acts of genocide was approved in ...
PASOK seeks to contain damage in wake of tumultous event
PASOK on Tuesday sought to contain the political fallout in the wake of a tense and tumultuous event marking the Socialist partys 40th anniversary. On Monday, PASOK chief Evangelos Venizelo...
Inside News
Grateful Saviola thanks Olympiakos, joins Verona
Former Argentina international Javier Saviola has thanked Greek champions Olympiakos for the "beautiful moments" during his season-long stint in Greece as he left the club to join Serie A ou...
SOCCER
Greece defender Papadopoulos fires parting shot at Michel
International defender Avraam Papadopoulos suddenly quit Olympiakos on Monday to join Turkish club Trabzonspor, and fired a parting shot at Olympiakos manager Michel putting the blame on the...
Inside Sports
COMMENTARY
Politicized archaeology
Let us suppose that archaeologists discover that the tomb uncovered in Amphipolis was not the resting place of Roxana or Nearchos, but of Alexander the Great. Let us assume, that is, that ar...
EDITORIAL
Moderating expectations
Politics is, to a great extent, all about managing expectations, and anyone who raises that bar too high or too fast is at serious risk of disappointing and losing the peoples favor. In a c...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Anti-racism bill approved in principle, final vote Friday
2. PASOK seeks to contain damage in wake of tumultous event
3. Deadline looms for struggling Cyprus Airways
4. Bank of Cyprus expects to relist on Nicosia, Athens exchanges
5. Nicosia disappointed at Erdogans two-state solution comments
6. Giorgos Stylios named new deputy education minister
more news
Today
This Week
1. Politicized archaeology
2. Rain and storms with hail expected in many parts of Greece
3. Reforms to dominate Greek talks in Paris, debt relief talks later, says source
4. New committee formed to assess progress of deregulation in closed-shop professions
5. Moderating expectations
6. Greece needs private debt overhaul, Piraeus Bank CEO says
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Hardouvelis, ECB executive discuss bank program, stress tests
6. Greek quest for debt relief faces hurdles in Paris
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.