“In July the republic redeemed part of the bank recapitalization bond for €950 million,” the ministry’s public debt management office said in a statement on its website today.

The remaining outstanding bond issued to recapitalise the failed lender, which is also known as Laiki, “was rolled over for an amount of €1,091 million at a yield rate of 5.15% for a further year to 2015,” the ministry said and added that the issuer maintains the right to rollover the bond until 2017.

While in the third quarter of the year, the government issued mainly short term securities such as treasury bills and euro commercial papers, worth €628 million including rollovers, the stock of short term debt fell to €716 million compared to €915 million the previous quarter, the ministry said.

Source: Cyprus Mail