Issuer: Republic of Cyprus
Amount: $300 million
Launched: June 19 1997
Lead manager: SBC Warburg
If you're thinking of going to Cyprus for a holiday, next year could be a good bet. By then much of the proceeds from the government's debut bond issue will have been invested in road, sewerage and irrigation projects which should make your stay even more comfortable.
Not that this was the main reason for the Republic of Cyprus finally to enter the international bond markets. The Greek-controlled part of the island, which just a few months ago looked as if it was about to descend into war with the Turkish enclave to the north, was more concerned with getting its name known among international investors, and for that reason the central bank prohibited Cypriot banks from investing in the $300 million, five-year Eurobond.
Also, officials at the Central Bank of Cyprus were keen to...
