The Finance Ministry has approved applications for six-year domestic bonds worth €7.04 million, the public debt management office said recently.
The office said it received 133 applications ranging between €3,200 and €1.0 million with an average of €52,938.
It was the first auction of the savings bond programme for retail investors that will be held every month. The ministry aims to collect €10 million per month.
The next series of bonds, expiring in 2020, will be issued on July 1 with the auction held between June 2 and 20 2014.
The six-year bonds will bear a 5.75% coupon until maturity but can be redeemable with a lower interest rate starting at 2.75% two years after acquisition.
The minimum subscription for the issue is €1,000.
Source: Cyprus Mail
