Cyprus planning 1-bln-euro 7-year bond

Cyprus plans to sell a new 1-billion-euro, seven-year bond and buy back a chunk of its older debt in the coming months, the head of its debt office, Phaedon Kalozois, said on Tuesday.

Cyprus completed its eurozone/IMF bailout program earlier this year and is keen to smooth out its debt payments, which begin to bunch up in 2019.

It is among the few eurozone states whose borrowing costs go up this year, propelled by neighboring Greece’s need for another bailout and the Brexit worries hanging over its UK-linked businesses and expatriates.

“If market conditions are favorable we intend to access the market some time between July and October,” Kalozois told Reuters at a Euromoney conference.

“The bond will most probably be 1 billion euros and be of seven-year duration.”

[Reuters]