Cyprus to issue bonds this month
(MENAFN) Cyprus is planning to sell bonds to yield-starved investors during the next weeks, returning distant markets a year ago when it was bailing-in bank depositors and imposing capital controls, Oman Observer reported.
Still mired in recession, and with its credit ratings deep in junk territory following a debt exchange last year that ratings agencies classed as a default, the island hired five banks this week to oversee a planned bond sale.
That would help recovering markets of the euro zone countries that were forced to seek international aid as a debt crisis engulfed the currency bloc. It would also take place while capital controls are still in force.
With interest rates in developed countries at historic lows and investors grabbing anything that offers even a tiny pick-up in yield, the sale is expected to be a success.
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