Cyprus names consultants for new medium range seven-year bond

Source: Xinhua| 2017-06-20 00:28:02|Editor: yan
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NICOSIA, June 19 (Xinhua) -- Cyprus's Finance Ministry said on Monday that it has appointed Citi, Goldman Sachs and HSBC as lead managers for a seven year euro denominated bond to be sold to bidders on international markets.

A Ministry statement said the pricing of the new bonds will occur on Tuesday, with final settlement on June 27.

It also said that the notes would be listed on the London Stock Exchange.

This will be the second large issue of bonds by Cyprus under its medium range financing program, after it exited a three-year probation of its economy under a 10-billion-euro bailout assistance program by the Eurogroup and the IMF in March 2016.

At its first issue of bonds in July 2016, Cyprus obtained 1 billion euros at an interest of 3.88 percent.

The new bond issue is related to the maturing of loans during the 2019 to 2022 period, obtained mostly from the International Monetary Fund and the European Stability Mechanism.