BUSINESS

Republic of Cyprus raises
 1.75 billion euros on markets

TAGS: Cyprus, Markets

The Republic of Cyprus raised 1.75 billion euros on the bond markets on Tuesday, with the government feeling satisfied with the process.

“I wish to express my satisfaction with the completion of the issue of two bonds, a seven-year one of 1.25 billion euros and a 30-year one of 0.5 billion euros,” the island’s Finance Minister Constantinos Petrides said.

He added that “the indicative yields are 1.55 percent and 2.33 percent respectively,” with the official statistics of the sale expected today in Nicosia.

It was also announced that the issues’ books received offers of 1.8 billion euros for the seven-year paper and 800 million euros for the 30-year note.

“The total offering has reached 2.6 billion euros, which illustrates that at this difficult international economic juncture, characterized by great uncertainty due to the economic consequences of the pandemic, the Cypriot economy continues to enjoy the confidence of international markets,” Petrides added.

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