Cyprus has exceeded €1 billion in bond and loan repayments for the second quarter of 2024, according to the latest bulletin released on Friday by the Public Debt Management Office (PDMO).
The Cypriot government issued a €1 billion seven-year Eurobond in June 2024, alongside an offer to exchange it with an existing Eurobond maturing in 2028.
The new bond’s interest rate was set at 3.25 per cent, yielding an effective rate of 3.31 per cent.
The €1 billion issuance included an exchange of €150 million from the 2028 Eurobond and the maturity of an €850 million Eurobond due in June.
Loan repayments totalled €286 million for the period, of which €250 million involved an early settlement of a loan from the Housing Finance Corporation (HFC).
This loan, originally taken on August 1, 2019, carried a seven-year term with a maturity date of 2026 and a 0.97 per cent interest rate.
Additional repayments in Q2 2024 included €25 million in maturing Treasury bills and €27 million in bonds issued to individuals, which included early repayments.
Cyprus’ general government debt stood at €22.8 billion at the end of June 2024, amounting to 72.3 per cent of GDP.
