Cyprus’ first 30-year bond sale which began being marketed by the Cypriot government on Wednesday, April 24 was overloaded with orders, with demand exceeding €9 billion both for the five-year and 30-year bonds. According to Finance Minister, Mr. Harris Georgiades, the development is extremely positive for Cyprus as the money raised would be spent for the early repayment of the Russian loan. The minister also stressed the importance of this development for the Cypriot economy and its international image, emphasising as well on the upgrades the Cypriot economy received in the recent past.

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Cyprus is considering an early repayment of part of a €2.5bn loan secured from the Russian Federation in 2011 during the financial crisis. The outstanding amount is currently at €1.57bn. The interest rate initially at 4.5 per cent was cut down to 2.5 per cent in 2013.

Mr. Harris Georgiades, Minister of Finance, reported the possibility while commenting on media reports that Cyprus is considering tapping the markets for a new bond issuance, exploiting favourable market conditions to repay the loan and soon after meeting with the new Central Bank Governor, Mr. Constantinos Herodotou.

Read the full article from the Cyprus Mail


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