Saturday November 22, 2014 Search
Weather | Athens
18o C
10o 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)  
Fitch keeps Greek rating at B, outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests govt nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. Fitch keeps Greek rating at B, outlook stable
2. Climate change to hit farming, Greek coastline
3. Piraeus nightclub shooting leaves 3 seriously injured
4. PASOK nixes Papandreou leadership challenge
5. Troika tests govt nerves as budget rift persists
6. Cyprus on agenda in Biden visit to Istanbul
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Constructively disrupting the Greek start-up ecosystem: What will the impact be?
4. Anti-junta uprising anniversary to be marked amid tight security
5. Biden heads to Istanbul amid tension over Cyprus EEZ violation
6. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.