THE CYPRIOT government yesterday issued its first public bond since a financial crisis last year, following sharp improvements in the climate for sovereign debt from the Eurozone's troubled periphery.
The country's finance ministry raised €750m (£600.9m) in a bond issue yesterday, having initially aimed to raise €500m. The fiveyear bonds will carry a 4.85 per cent yield. The interest on the debt will still be some of the highest of any euro-area country, but yields have dropped dramatically for many countries hit by sovereign crises.
Early last month, the finance ministry arranged the placement of €100m in six-year bonds privately, yielding 6.5 per cent.
Construction data for the Eurozone more broadly showed the joint-strongest annual increase since well before the financial crisis yesterday, with output rising eight per cent in the year to April.
Despite the positive news from the Eurozone, the
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