September 27, 2018 / 11:27 AM / 7 months ago

Cypriot govt bond yields drop as ECB restarts bond purchases

LONDON, Sept 27 (Reuters) - Cypriot bond yields dropped on Thursday after the European Central Bank began buying the country’s government debt once again under its stimulus programme.

The ECB said it had restarted buying Cypriot bonds after an upgrade to the country’s credit rating, and pledged to make up slowly for its 2-1/2-year exclusion from ECB buying.

The yield on five-year Cypriot bonds dropped 9 basis points to 0.975 percent, the lowest since September 17, the day after S&P Global upgraded the country’s credit rating to investment grade. Five-year yields fell on Sept 17 to the lowest since early-April, hitting a low of 0.826 percent.

A 10-year bond issued just last week hit a low of 2.264 percent before settling at 2.289 percent; still well below the issue price of 2.4 percent. (Reporting by Abhinav Ramnarayan; editing by Sujata Rao)

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