Cyprus
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Greece’s highly anticipated return to the public bond markets on Tuesday met with a strong reception from investors. With up to €4.5bn more of benchmark bonds to issue in 2019, Greece is expected to return to the markets for a second syndication this year, which bankers say could be in the 10 year part of the curve. Cyprus will look to follow up on Greece’s success after setting out plans to roadshow a euro transaction in February. -
Pan-European securities watchdog ESMA on Friday announced that it would renew its restrictive measures for contracts for difference (CFD) products for another three months.
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The environment for the return of Greece to the euro public market was enhanced following a 10 year benchmark by Cyprus this week that broke a number of records.
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Cyprus won huge demand for its return to the 10 year part of euro curve on Tuesday, with the final book almost four times covered. The deal should set a good backdrop for Greece to come to the market in the same maturity — as long as it pays up a sizeable concession, according to SSA bankers.
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Cyprus picked banks on Monday for its first euro benchmark in the 10 year maturity since 2015, following S&P's return of the sovereign to investment grade status.
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Though this week was expected to be something of a write-off for SSA issuance, thanks to Euromoney’s Global Borrowers & Bond Investors forum, a pair of issuers pulled off well-received transactions.
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Cyprus, entering an otherwise quiet market, has picked banks for a seven year euro benchmark to be sold on Tuesday.
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Bank of Cyprus listed its shares on the London Stock Exchange on Thursday, in the latest of a series of moves aimed at increasing the bank’s access to the financial markets.
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Bank of Cyprus announced a roadshow for its first new-style tier two bond on Wednesday, in a move that will shed light on the strength of risk appetite in the FIG market as investors take a close look at the rare borrower.
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Harris Georgiades was appointed finance minister of Cyprus in April 2013, and has played a pivotal role in steering Cyprus out of its banking crisis and helping to kickstart the recovery of the economy. In this interview with GlobalCapital’s Phil Moore, Georgiades reflects on what Cyprus has achieved over the last three years, and on the challenges and opportunities that lie ahead.
