Cyprus to issue first ever 15 year bond

Cyprus is expected to issue its first ever 15 year government bond at a rate between 2.90% - 3.00%.

The Finance Ministry expects the Euro Medium Term Note (EMTN) to attract 1 billion euros.

Although the coupon rate is relatively high compared to other EU countries; the move shows a significant vote of confidence in the long term trajectory of the Cypriot economy.  

Speaking to Kathimerini officials said the investment roadshow in London, Frankfurt, Milan and Paris was successful.

Reportedlty, all available chairs may not have been reserved but nevertheless Cyprus has made its presence known to investors. Large investment funds that are looking into investing in European markets showed interest. "Investors may have become familiar with Cyprus for the wrong reasons in 2013, but what is happening is that investment opportunities arise when there is a calculated and reduced risk''.