Cyprus has repaid bonds and loans exceeding €1 billion in the second quarter of 2024, according to data released by the Finance Ministry’s Debt Management Office (PDMO).

In June Cyprus tapped the capital markets with a 7-year bond worth of €1 billion, an issuance combined with a switch offer of an EMTN maturing in 2028.

As par to the issuance, the value of the EMTN maturing in 2028 and which related to the switch offer amounted to €150 million.

The PDMO redeemed an EMTN maturing in June 2026, amounting to €850 million.

Furthermore, according to the PDMO, loan amortizations amounted to €286 million, out of which €250 million related to the early repayment of a loan granted by the state-owned House Financing Corporation.

The loan was concluded to the government in August 2019 with a six-year maturity and a flat interest rate of 0.97%.

Moreover, short-term debt redemptions in the second quarter of 2024 amounted to €25 million, while repayments of retail bonds including early repayments, amounted to €27 million, PDMO added.

Cyprus' public debt in end-June 2024 amounted to €22.8 billion corresponding to a 72.3 of GDP.