Cyprus: Six-year bond issuing of 100 million euros

The Cypriot Ministry of Finance issued, on Wednesday, through private placement, a European government bond of 100 Million euro for six years at a nominal interest rate of 6.5%.

The bond will be listed in the London Stock Exchange and the settlement will be through the Euroclear system.

The release is made through the revised EMTN Programme of the Republic of Cyprus (Medium Term Notes: European Medium-Term Bonds).

The issuance's proceeds will be used for purposes of managing public debt, including government funding, within the framework of the Economic Adjustment Programme of the Republic.

According to the Finance Ministry in Nicosia "the success of the transaction is due to stabilization steps and the gradual recovery of confidence in the Cypriot economy as a result of -beyond the expected- performance and full compliance of the Republic within the Economic Adjustment Programme".

The Cyprus Ministry of Finance notes, finally, that it will continue to evaluate the conditions and options in markets as part of a broader strategy for full reintegration into markets.