Cyprus draws impressive offers for new bond

Offers totalling €96 billion received for €1 billion bond

New 7-year bond met with strong demand

The Republic of Cyprus has drawn offers totalling €96 billion from international markets for its newly issued 7-year bond worth €1 billion, according to a report. The bond, which has a maturity date of 2029, was met with strong demand from investors, with the offers received significantly exceeding the initial target amount.

The bond issue is part of Cyprus's efforts to raise funds for its budget and to refinance maturing debt. The Cypriot government is seeking to reduce its reliance on short-term borrowing and to extend the maturity of its debt. The issuance of a 7-year bond is a sign of the country's improving economic conditions and its ability to access international markets on favourable terms.

The successful issuance of the bond is a positive development for Cyprus and reflects the confidence of international investors in the country's economy. The proceeds of the bond will be used to fund a variety of government projects and to reduce the country's public debt.