Government issue bonds to tap Cyprus market

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The Cyprus Finance Ministry released a prospective business proposal to issue 7 year government bonds in the near future “depending on market conditions” and use the profit to rebuy outstanding loans. The respective securities will be three bonds, one at a coupon rate of 4.8% maturing in June 2019 with a nominal value of €566m, another at a 4.6% rate maturing in February 2020 with a nominal value of €566m. With the third at a rate of 6.5% maturing in May 2020 with a nominal value of €80m, the email notification detailed.