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Bank of Cyprus taps bond market for 300 million
April 20, 2021
Bank of Cyprus on Monday announced that it has successfully launched and priced an issue of €300 million unsecured and subordinated Tier 2 Capital Notes under its Euro Medium-Term Note (EMTN) Programme – the maximum amount possible under the rules for this kind of issuance.
The bond issue was four times oversubscribed, attracting interest from more than 140 institutional investors, with the final pricing 37.5 basis points tighter than the initial pricing indication, and this accounted for a significant cost reduction of several million for Bank of Cyprus.