This boosted the total so far to €61.5 million, half of the amount the state planned to raise from investors.

The Cyprus Public Debt Management Office (PDMO) at the Ministry of Finance announced it approved 62 applications amounting to €27,407,900 for the purchase of the seventh series (December) of six-year government bonds for individuals.

Of these, 52 were Cypriots applicants for €2.4 million, while ten foreign investors subscribed to €25 million or 91% of the total. 


This is up from €7.14 million subscribed for the November series. 


Applications for the December series was the highest value with the monthly ceiling set at €10 million in order to raise €120 million a year.

The annual coupon rate starts from 2.75% and averages at an attractive 4% over a six-year period, with a minimal 3% income tax on the interest, far better than the 30% imposed on all interest-yielding products. 


The PDMO said that of the total issued so far to 450 investors, €37.54 million or 61% was subscribed by foreign investors. 


Next, is the January 2015 series, the eighth so far, with applications open from December 1 to 19 and issued on January 2, 2015.

Source: Financial Mirror