NICOSIA, Cyprus (AP) — Cyprus’ finance minister says the country’s first-ever 15-year public bond issue was eight times oversubscribed, calling it the “strongest affirmation” of international markets’ trust in the Mediterranean island’s economy.
Minister Harris Georgiades said Tuesday’s bond issue ensures the Cypriot economy’s stability and creates conditions enabling positive economic growth. The bond issue raised 1 billion euros ($1.13 billion) and carried a 2.75 percent interest rate.
Cyprus, a politically divided island in the eastern Mediterranean, was on the verge of bankruptcy nearly six years ago. At the time it had to seek a three-year, multibillion-euro rescue deal from fellow eurozone countries and the International Monetary fund to say afloat.