Monday December 22, 2014 Search
Weather | Athens
13o C
8o 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)  
Spanish bond gains push yield to record low as Greek debt rises
Low costs, yield hunt to propel long-term euro zone bond sales in 2015
Greek current account deficit shrinks in October
Energy shares and Greek rebound lift European equities
Bomb hoax at SYRIZA HQ in central Athens
The threat of a bomb being planted at SYRIZAs headquarters in central Athens proved to be a hoax. The partys offices on Koumoundourou Square were evacuated at lunchtime on Monday after a c...
DIMAR not poised to break apart, insists spokesman
Democratic Lefts parliamentary spokesman Nikos Tsoukalis has rejected a report claiming that his party may be on the point of breaking apart. This report is so far from the truth that I do...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Klaus Regling stresses debt sustainability through commitment to reforms
BRUSSELS The man who is responsible for the loans to Greece as managing director of the European Stability Mechanism (ESM/EFSF), Klaus Regling, is the only high-ranking European official w...
INTERVIEW
Crisis of confidence will come back again and again, says Thomas Piketty
Hes treated like a rock star wherever he goes to lecture. His book Capital in the 21st Century, a study on income and wealth inequality from the 18th century to the present, recently tran...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Bomb hoax at SYRIZA HQ in central Athens
2. DIMAR not poised to break apart, insists spokesman
3. SYRIZA offices in Athens evacuated after bomb threat
4. Spanish bond gains push yield to record low as Greek debt rises
5. Low costs, yield hunt to propel long-term euro zone bond sales in 2015
6. Greek parliament vote in balance after Samaras election offer
more news
Today
This Week
1. Prosecutor gathers depositions in Independent Greeks 'bribe' probe
2. Euro shaky on ECB and Greece, dollar keeps edge
3. Government accuses SYRIZA and Independent Greeks of 'clear alliance'
4. Draghi starts squaring QE circle in month of persuasion for ECB
5. Greek parliament vote in balance after Samaras election offer
6. Parliament's ethics committee to look into independent MPs' comments
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. High stakes
3. Europe's drama in Greece needs final act to avoid tragedy
4. A friendly yet firm message from Pierre Moscovici
5. On the edge but not gutless
6. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.