BUSINESS

Cyprus issuing 7-year and 30-year bonds on Tuesday

TAGS: Cyprus, Markets

The Republic of Cyprus is on Tuesday proceeding to the issue of two new bonds, a seven-year paper and a 30-year one, both euro medium-term notes (EMTN), the island’s Finance Ministry announced on Monday in a message to investors.

The issues are meant to increase the state’s liquidity for its government to apply further policies in containing the impact of the coronavirus epidemic on health and the economy in the Republic.

The seven-year note will mature in April 2027 and the 30-year bond in April 2050.

Nicosia has commissioned the services of Barclays, JP Morgan, Morgan Stanley and Societe Generale for these issues.

The Republic of Cyprus has credit ratings of BBB- with a stable outlook by Standard & Poor’s, Ba2 (with a positive outlook) by Moody’s, BBB- (stable) by Fitch Ratings and BBBL (positive) by DBRS Morningstar.

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