Cyprus
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Bank of Cyprus will aim to complete its move to the London Stock Exchange as early as possible in the second half of 2016 — though whether any equity capital will be issued or sold as part of the new listing is not yet clear. -
Renaissance Securities is offering to buy back what remains outstanding of Renaissance Credit’s 7.75% 2016 bonds.
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Political risk appeared to be influencing investors’ decision making on Monday, as a trio of eurozone periphery sovereigns underperformed their peers in secondaries. But there was better news for Cyprus, which more than halved its one month borrowing costs at an auction.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday’s close. The source for secondary trading levels is Interactive Data.
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Just two and a half years after receiving a €10bn bailout from the Troika, Republic of Cyprus proved its capital markets rehabilitation is complete on Tuesday, by issuing a rare €1bn combined syndication and switch offer, writes Virginia Furness.
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Republic of Cyprus completed a rare combined syndication and switch offer on Tuesday with 40% of the new issue going to existing bond holders.
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Republic of Cyprus is on track to price a rare combined syndication and switch offer. The deal will allow Cyprus to tidy up the short end of its curve while issuing a fresh 10 year note.
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Greece’s yields screamed lower on Monday despite reports that the country’s creditors are unhappy with its government’s reform efforts. Meanwhile, Cyprus could bring a bond after completing a roadshow last week.
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Italy has sparked a busy week for the eurozone periphery by cutting its borrowing costs at an auction of short term debt.
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Novo Banco and Bank of Cyprus have both restructured their existing hard bullet covered bond programmes into conditional pass through programmes.
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A eurozone periphery sovereign is set to meet investors before a possible euro syndication, as a pair of countries from the region unveiled their funding plans for the rest of the year.
