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Cyprus issues inaugural €1b sustainable bond

08:17 - 05 April 2023

Economy

Cyprus has issued its inaugural ten-year sustainable bond amounting to €1b with a coupon of 4.125% and a re-offer yield of 4.219%.

The Finance Ministry’s Public Debt Management Office (PDMO) said in an announcement that the issuance has been quite successful, attracting the highest ever offer book with bids exceeding €12b.

The PDMO said the proceeds will be used to finance or refinance projects and activities that promote sustainability, combating climate change and other environmental and social purposes, as defined in Cyprus’ Sustainable Finance Framework.

The bond’s issue date is 13 April 2023 while it matures on 13 April 2033.

“Green or sustainable bonds constitute a financing tool which attracts particular importance from international investors and its use by Cyprus will offer multiple benefits, as it will provide access to new investors and will increase interest in international capital markets over the Republic’ issuances, widening the state’s financing options,” the Ministry said.

(Source: CNA)

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