10-yr bond yields drop to 3.83%
Ten-year bond yields dropped on Monday to 3.83% from 4.01%, close to the all time low of 3.81% recorded in August 2010, in the wake of the approval of the insolvency framework on Saturday, paving the way for the country to tap into international markets. The 5-year bond yield dropped to 3.79%. Excluded from the international capital markets since May 2011, Cyprus issued a EUR 750 mln 5-year bond last June. The issue was oversubscribed by four times garnering offers of up to EUR 2 bln, but the coupon rate was still high at 4.75% with a 4.85% yield.