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Cyprus taps bond market at ‘most favorable’ yield

September 18, 2018

NICOSIA, Cyprus (AP) — Cyprus’ government spokesman says the country has raised 1.5 billion euros ($1.75 billion) at the “historically most favorable” interest rate of 2.4 percent.

Prodromos Prodromou said the 10-year bond issue was nearly four times oversubscribed and is “testament to the trust the international financial community places in the Cypriot economy.”

The cash-raising exercise Tuesday comes four days after international credit rating agency Standard & Poor’s lifted Cyprus into investment grade after considering the country’s bonds as “junk status” for over six years.

Cyprus needed a multibillion-euro rescue deal from creditors to avoid bankruptcy after a 2013 financial crisis.

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