Cyprus holds first public bond issue since bailout

By The Associated Press | Posted - Jun. 18, 2014 at 10:01 a.m.

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NICOSIA, Cyprus (AP) — Cyprus has raised 750 million euros ($1.017 million) from international markets with its first public issue of bonds since last year's international bailout saved it from bankruptcy.

The finance ministry said Wednesday that an initial target of 500 million euros was oversubscribed four times.

That allowed authorities to raise an extra 250 million euros through the five-year bonds, which carried a 4.75 percent interest rate.

The ministry said the development sends "a strong signal of trust in the country" following its 10 billion-euro bailout in March last year that decimated its banking sector and triggered a steep recession.

The country tested the markets in April, when it raised 100 million euros in six-year bonds issued through a private placement at an average interest rate of 6.5 percent.

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