Published on 1/12/2017 in the Prospect News Emerging Markets Daily and Prospect News High Yield Daily.
New Issue: Bank of Cyprus prices €250 million 9¼% notes due 2027 at par
By Christine Van Dusen
Atlanta, Jan. 12 – Bank of Cyprus Co. Ltd. priced a €250 million issue of 9¼% subordinated notes due Jan. 19, 2027 (expected rating: Caa3) at par to yield 9¼%, according to a company announcement.
Credit Suisse and HSBC were global coodinators and, along with BofA Merrill Lynch and Deutsche Bank, were bookrunners for the deal, which was sold form the bank’s euro medium-term note program.
The new bonds count as tier 2 capital.
Based in Nicosia, Cyprus, the Bank of Cyprus is a banking and financial services group.
| Issuer: | Bank of Cyprus Co. Ltd.
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| Amount: | €250 million
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| Maturity: | Jan. 19, 2027
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| Description: | Subordinated notes
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| Bookrunners: | Credit Suisse, HSBC (global coordinators), BofA Merrill Lynch, Deutsche Bank
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| Coupon: | 9¼%
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| Price: | Par
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| Yield: | 9¼%
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| Call option: | Jan. 19, 2022
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| Trade date: | Jan. 12
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| Settlement date: | Jan. 19
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| Expected rating: | Moody’s: Caa3
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