Bids for Cyprus Republic’s 7-year bond under the EMNT programme reached € 2.462.698.000, exceeding by two and a half times the original target of the Ministry of Finance, with a yield of 3.80%.
According to a press release by the Ministry of Finance, Cyprus opened on Tuesday book of offers aiming at raising €1 billion, with starting date the 26th of July 2016 and maturity date the 26th of July 2013.
Commenting on twitter, the Minister of Finance Harris Georgiades said that the issue was a decisive confirmation movement of the investor`s confidence in the Cypriot economy.
As mentioned in the press release, the transaction falls within the framework of the Annual Financial Plan for 2016 as approved by the Minister of Finance and in accordance with the Medium-Term Management Strategy of Public Debt for 2016-2020.
The new issue comes approximately one month after the UK decision to leave the EU. The bond will be listed under English law.
Barclays, JP Morgan, Morgan Stanley, Societé General and VTB Capital are lead advisers.
Cyprus issued in October 2015 a 10-year bond raising €1 billion with a yield of 4.25% that is traded today at 3.76%