CYPRUS New 7Y bond issuance priced at a historically low yield

Banking, Finance, Markets — By on June 21, 2017 at 4:04 PM

Regional Economics & Market Strategy Focus Note –  (Wednesday, June 21, 2017)

On June 21 th , Cyprus tapped international markets with a new 7Y-Eurobond for the second time after exiting from the Economic Adjustment Programme in March 2016. In the latest tender, the Public Debt Management Office (PDMO) sold an offered amount of €850mn of 7-year government bonds as part of its €9bn Euro Medium Term Note (EMTN) programme. Citigroup, Goldman Sachs and HSBC were appointed by the Cypriot government as lead managers. The issue was more than four times over-subscribed with total bids amounting to €3.7bn. The average accepted price was at 99.686 and the corresponding yield at 2.80%. The latter compares with an initial price target of 3.0% and guidance of 2.9%. The issue matures on June 27, 2024 and bears a 2.750% fixed annual coupon.

Viewers can log herebelow and read the full report: REGIONAL_FOCUS NOTE_21-06-2017_CYPRUS MARKET TAP

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