17 April

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

22 March

Fitch Ratings proceeded yesterday to the upgrade of Hellenic Bank Public Company Limited(HB). Specifically it has upgraded its Long-Term Issuer Default Rating (IDR) to 'B+' from 'B' and its Viability Rating (VR) to 'b+' from 'b'. The Outlook on the Long-Term IDR is considered Stable. 

According to Fitch, "This upgrade follows the completion of the acquisition of certain good assets and liabilities of Cyprus Cooperative Bank Ltd (CCB) and a EUR150 million capital increase. Under the final terms of the acquisition, HB took on board total assets of EUR9.3 billion comprising mainly loans (EUR4 billion net), Cypriot government bonds (EUR4.1 billion) and cash (EUR1 billion), as well as customer deposits of EUR8.8 billion."

Read the full article on Hellenic Bank's upgrade by Fitch ratings