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€1 Billion 7-Year Eurobond Issued Amid Strategic Debt Management

by THEFUTURE.TEAM

June 20, 2024

Cyprus has successfully issued a €1 billion seven-year Eurobond, marking a significant step in the nation’s strategic debt management. The bond, issued at 60 basis points above the reference mid-swap rate, corresponds to a yield of 2.735%.

Strategic Financial Maneuver

The issuance of this Eurobond is part of a broader strategy that includes a capped offer to redeem up to €500 million of an existing €1.5 billion bond maturing in September 2028. This move allows Cyprus to manage its debt profile more effectively by potentially lowering future interest payments and extending the maturity profile of its obligations.

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Market Reception and Implications

Market players have responded positively to this issuance, which reflects the strong investor confidence in Cyprus’ economic stability and growth prospects. Over time, the initial yield guideline might be revised downwards, indicating robust demand and favourable borrowing conditions for Cyprus.

Broader Economic Context

This bond issuance comes at a time when Cyprus is demonstrating fiscal prudence and effective economic management. By strategically managing its debt portfolio, Cyprus aims to maintain a favourable credit rating and investor sentiment, essential for its continued economic growth and development.

Future Outlook

The successful issuance of the Eurobond and the strategic redemption offer are likely to enhance Cyprus’ financial flexibility. These measures are indicative of the government’s commitment to maintaining economic stability and ensuring sustainable growth. As Cyprus continues to navigate the complexities of the global financial landscape, such strategic initiatives will be crucial in securing its economic future.

Kuwaiti Ambassador Advocates For Strengthened Ties Between Cyprus And GCC Nations

by THEFUTURE.TEAM

February 5, 2025

The Kuwaiti Ambassador to Cyprus, Abdullah Musaed Al-Khorafi, has underscored the vital need to deepen dialogue between Kuwait, Cyprus, and the Gulf Cooperation Council (GCC) nations, as well as the broader Arab world. He made these remarks during a luncheon held at his Nicosia residence on February 4, which brought together key diplomatic figures.

The event was hosted in honor of Annita Demetriou, President of the House of Representatives of Cyprus, and was part of a series of high-level diplomatic gatherings organized by the Kuwaiti Embassy in Cyprus. Among the attendees were the ambassadors and heads of Arab diplomatic missions in Cyprus, as well as representatives from the U.S. and Swiss embassies.

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Ambassador Al-Khorafi took the opportunity to lead an expanded discussion on pressing regional and international developments, focusing particularly on the Middle East. Topics included the ongoing crises in Syria, Lebanon, and Palestine, with a strong emphasis on how these events affect regional stability.

The luncheon also served as a platform for talks on enhancing cooperation between Cyprus and GCC countries, as well as broader Arab nations. The discussions highlighted opportunities to strengthen ties in key sectors such as education, culture, trade, investment, and tourism. The aim is to build closer connections between people and foster mutual benefits.

In his opening speech, Ambassador Al-Khorafi stressed the importance of promoting dialogue at both governmental and societal levels, not only between Kuwait and Cyprus, but across the entire GCC and Arab world. He expressed his gratitude for the presence of President Demetriou, noting that her participation symbolized Cyprus’ commitment to advancing relations with Kuwait and its regional partners.

President Demetriou, in turn, thanked the ambassador for his hospitality, reflecting on the fruitful discussions and shared goals for enhancing Cyprus’ relations with Kuwait and the wider Arab world. She reaffirmed the importance of cooperation and strategic partnerships between Cyprus and the GCC countries, especially in areas of mutual interest and concern.

This meeting, according to Demetriou, was a testament to the strong diplomatic relations between Cyprus and Kuwait, as well as the ongoing efforts to broaden and deepen ties with the Arab world.