Re­tail bonds at­tract 4.3 mln for July

Financial Mirror (Cyprus) - - FRONT PAGE -

The 6-year re­tail bonds, part of a plan to raise 100 mln eu­ros lo­cally, did not at­tract much in­ter­est for July as to­tal bids re­ceived by the CSE reached 4.3 mln eu­ros, lower than the 7 mln sub­mit­ted in May for the June is­sue.

How­ever, Min­istry of Fi­nance of­fi­cials had ear­lier told the Fi­nan­cial Mir­ror that they ex­pected in­ter­est to dwin­dle dur­ing the sum­mer months and ex­pected to pick up again af­ter Oc­to­ber, where the tar­get has been set at 10 mln eu­ros a month. The two main ben­e­fits are the aver­age 4% rate over six years and the 3% de­fence tax on in­ter­est, com­pared to the 30% on all other de­posits with commercial banks.

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