Cyprus could tap markets by end-June

11 June 2014

Cyprus’s president says the bailed-out country could start borrowing from international markets by the end of this month, a full year ahead of what its creditors had initially anticipated, reports Ekathimerini.

Nicos Anastasiades told a Cyprus Shipping Chamber dinner on Tuesday that this is due to the government’s steadfast adherence to the terms of a 10-billion-euro rescue that the small island nation received in March last year from other eurozone countries and the International Monetary Fund (IMF).

Earlier on Tuesday, the Finance Ministry said that it has assigned Deutsche Bank, Goldman Sachs International, HSBC, UBS Investment Bank and VTB Capital to seek out investors.

In April, Cyprus raised €100 million in six-year bonds issued through a private placement, at an interest rate of 6.5 per cent.

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