Cyprus Plans to Follow Bailout Exit With Bond Sale This Year
- Finance Minister Harris Georgiades comments in interview
- Economy’s fundamentals justify investment grade, minister says
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Cyprus plans to sell bonds again in 2016 in what would be the country’s first time tapping debt markets since exiting its bailout program, Finance Minister Harris Georgiades said.
Since regaining market access in 2014, Cyprus sold 2 billion euros ($2.2 billion) of bonds with maturities stretching from five to seven years, mostly Euro Medium Term Notes, a flexible financing instrument to issue senior bonds and private placements. Fears Cyprus may struggle to retain that access without a bailout safety net have been tempered as the yields on 10-year notes dropped 16 basis points to 3.75 percent after the country exited the three-year program at the end of March.