Cyprus’s first 30-year bond. Sale was overloaded with orders

10/06/2019
 
 Cyprus issued its first long-term bond maturing in 30 years, along with a 5-year bond, drawing demand for a total of 9 billion euros (10 billion U.S. dollars). Banking sources said the 30-year bond drew offers amounting to 5.9 billion euros and the 5-year one 4.9 billion euros.
 
Finance Minister Harris Georgiades described the high demand for the bond as an extremely positive development that showed Cyprus could count on its ability to draw financing from the markets for financing government operations.
 
"It is very positive for the economy and its image internationally and this is reflected in the upgrades we have received lately, and an extremely positive response from the international investment community," Georgiades declared.
He added that the double bond issue ensured savings in debt servicing and securing very long-term lending and facilitating debt management.