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State raises €7.04 mln from bond sale

May 21, 2014

The finance ministry has approved applications for six-year domestic bonds worth 7.04 million, the public debt management office said on Wednesday.

The office said it received 133 applications ranging between 3,200 and 1.0 million with an average of 52,938.

It was the first auction of the savings bond programme for retail investors that will be held every month.

The ministry aims to collect 10 million per month.

The next series of bonds, expiring in 2020, will be issued on July 1 with the auction held between June 2 and 20.

The six-year bonds will bear a 5.75 per cent coupon until maturity but can be redeemable with a lower interest rate starting at 2.75 per cent two years after acquisition.

The minimum subscription for the issue is 1,000.

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Source: Cyprus Mail

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