Monday September 22, 2014 Search
Weather | Athens
31o C
22o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
BoC eyes bond sale after raising 1 bln euros

LONDON/NICOSIA – Bank of Cyprus, which has just raised 1 billion euros from investors, plans to sell up to 1 billion euros in bonds in September, chief executive John Hourican said, a move that would mark a rehabilitation of the eurozone’s first bank to recapitalize using depositors’ cash.

The island’s largest bank, which was on the brink of collapse when Cyprus took an international bailout in 2013, said late on Monday that big name investors including US billionaire Wilbur Ross and the European Bank for Reconstruction and Development had agreed to invest 1 billion euro in equity.

“The bank needed a ‘turn the page moment’,” Hourican told Reuters in an interview from Nicosia. “This is the hardest thing we needed to do to put the company back on its footing for recovery.”

The CEO told Reuters that securing the 1 billion euros equity investment would help to speed up the restructuring and revealed that the bank is already ready to return to the debt markets.

It aims to raise between 500 million and 1 billion euros via a covered bond, a kind of debt that has recourse against particular assets of the bank, and also against the bank itself.

“We’d like to be doing that at some point during September, probably late September,” he said.

He said the bank is targeting interest rates on the bonds “in the high threes,” implying a rate between 3.7 percent and 3.99 percent. [Reuters]

ekathimerini.com , Tuesday Jul 29, 2014 (20:14)  
Investors snap up euro zone banks, exporters in ECB bet
Euro touches 14-month low before Draghi testimony
Draghi effect subsiding leaves pressure building on ECB chief
Pegging reforms to debt relief acts
Alexander the Great´s tomb not at Amphipolis, says Culture Minister
Greece’s Culture Minister Kostas Tasoulas said on Monday it is “impossible” for Alexander the Great to have been buried at a tomb in Ancient Amphipolis currently being excavated by archaeolo...
Results of probe into 20 Lagarde list names due soon
Members of the Financial Crimes Squad (SDOE) and tax inspectors involved in an investigation into the so-called Lagarde list of Greeks with Swiss bank accounts expect to be able to announce ...
Inside News
SOCCER
Reds beat Veria to claim league lead
Olympiakos thumped hitherto Super League leader Veria 3-0 on Saturday to go alone on top of the table for the first time after four rounds of games. Four days after putting three past Atleti...
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system – whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Alexander the Great´s tomb not at Amphipolis, says Culture Minister
2. Investors snap up euro zone banks, exporters in ECB bet
3. Euro touches 14-month low before Draghi testimony
4. Draghi effect subsiding leaves pressure building on ECB chief
5. Reds beat Veria to claim league lead
6. Pegging reforms to debt relief acts
more news
Today
This Week
1. Draghi effect subsiding leaves pressure building on ECB chief
2. Euro touches 14-month low before Draghi testimony
3. Investors snap up euro zone banks, exporters in ECB bet
4. Alexander the Great's tomb not at Amphipolis, says Culture Minister
5. IMF unhappy over social security debt collection
6. Foreign investors not overly concerned about political risk
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. ‘Greece can meet its needs on its own’
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. Record sum of new debts to the state in August
6. Democracy under Pressure | Live Streaming
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.