Cyprus launches 750m five-year bond at 4.85%

Wed Jun 18, 2014 7:08am EDT

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LONDON, June 18 (IFR) - The Republic of Cyprus will raise 750m through a new five-year bond sale, according to a lead.

The new transaction is set to price at a yield of 4.85%, the tight end of official guidance of 4.90% area and tighter than initial price thoughts of 5% area released Tuesday afternoon.

Books closed at around 2bn. Deutsche Bank, Goldman Sachs, HSBC, UBS and VTB Capital are arranging the sale.

Cyprus is rated Caa3/B/B- by Moody's/S&P/Fitch (positive/positive/stable). (Reporting by Sarka Halas, Editing by Helene Durand)