Specifically, an exchange, via the method of private placement, has been completed of six year bonds of theorder of €692,629,000.00, maturing on July 1 2019 of an annual yield rate of 4.50%. In addition seven year bonds worth €82,659,000.00, of an annual yield rate 4.75%, maturing on July 1 2020, were also exchanged via private placement. Eight year bonds of a value of €75,000,000.00, of an annual yield rate of 5.00% are due on July 1 2021. Nine year bonds of a value of €52,700,000.00, of an annual yield rate of 5.25% will mature on July 1 2022. Ten year bonds of a value of €99,449,000.00, of an annual yield rate of 6.00% will mature on July 1 2023.

Last March Cyprus agreed with international lenders on €10 billion aid package, under which it closed down the Popular Bank, and imposed painful losses on deposits of more than €100,000 held at the euro zone state`s biggest lender, Bank of Cyprus. Both institutions were heavily exposed to the Greek debt.

Source: Financial Mirror