Cyprus issues 1st 15-year bond; pleased to find solid demand

NICOSIA, Cyprus (AP) — Cyprus' finance minister says the country's first-ever 15-year public bond issue was eight times oversubscribed, calling it the "strongest affirmation" of international markets' trust in the Mediterranean island's economy.

Minister Harris Georgiades said Tuesday's bond issue ensures the Cypriot economy's stability and creates conditions enabling positive economic growth. The bond issue raised 1 billion euros ($1.13 billion) and carried a 2.75 percent interest rate.

Cyprus, a politically divided island in the eastern Mediterranean, was on the verge of bankruptcy nearly six years ago.