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23 July, 2024
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Cyprus to issue 5 and 30 year bonds

Cyprus aims for early repayment of Russian loan


According to an announcement by the Ministry of Finance the Republic is expected to issue a 5 year and a 30 year bond as soon as tomorrow, Wednesday 24 of April. 

Barclays, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and Societe Generale will run the debt issuance which is earmarked for the early repayment of Cyprus's Russian loan.

According to the Ministry statement, the Republic of Cyprus with a rating of Standard & Poor's ΒΒΒ-,  Moody's Ba2-,  Fitch BBB- and DBRS BBBL will issue the following EMTN bonds:

5-year maturity 2024 (euro)
30-year maturity 2049 (euro)

The purpose is the early repayment of the 2.5 billion euros Russian loan agreed to in 2011 of which outstanding are 1.57 billion euros.

According to Kathimerini sources the funds from the new debt issuance might be enough for the full repayment of the Russian loan. It is noted that there were considerations about partial repayment.

The 30-year bond will have the longest maturity in Cyprus's history. In February Cyprus issued a 15-year bond.

The 5-year and 30-year auctions will take place simultaneously.

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