Expansion in Cyprus’ Financial Market with New Government Bonds
In a significant development for the financial markets of Cyprus, the Cyprus Stock Exchange (CSE) has made a noteworthy announcement. The CSE is set to bolster its offerings with the introduction of 25,000 new government bonds issued by the Republic of Cyprus. This move signifies a substantial addition to the country’s economic instruments and is expected to attract investor attention both locally and internationally.
The specifics of this financial enhancement were detailed by the CSE, which confirmed the acceptance of the 25,000 Government Bonds of the 13 Weeks 1st Issue, Series 2024. These bonds have been structured in accordance with Article 58(1) of the Cyprus Securities and Stock Exchange Law. Each bond carries a nominal value of €1000, culminating in an impressive total value of €25 million. Originating from an auction held on March 15, 2024, these bonds are set to be active from March 22, 2024, until June 21, 2024.
In line with regulatory procedures, the CSE has also approved the simultaneous introduction of these bonds to the Central Depository and Central Registry as per the provisions of paragraphs (1) and (3) of Article 10 of the Cyprus Securities and Stock Exchange Laws. The issuance date for these bonds is slated for March 22, 2024. The trading code designated for these securities in the Bond Market will be GD13A24/TB13A24, and they will be identified by the unique ISIN code CY0240880811. It is important for potential investors to note that these bonds do not bear interest. The commencement of trading is scheduled for Friday, March 22, 2024.
This strategic initiative is anticipated to enhance liquidity and provide additional investment options within the Cypriot market. The non-interest-bearing nature of these bonds may appeal to investors seeking a safe haven or those looking to diversify their portfolios with government-backed securities. As trading begins, all eyes will be on the performance of these new instruments and their impact on the financial landscape of Cyprus.
