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Universal Life for 50.1% of CSElisted Universal Bank, but the bid is subject to Central bank approval. The offer is reportedly valued at 76c a share, a 40% premium on USB’s last close on the CSE, making USB worth CYP 11.5 mln. The deal is also linked to UL CEO Andreas Georghiou’s efforts to take the 28% of the insurer’s share held by Bank of Cyprus for CYP 7.3 mln in cash. The Central Bank of Cyprus announced that two previously issued Eurobonds will start trading on the NewEuroMTS electronic platform.
The two Eurobonds are EUR 500 mln earning 4.375% and maturing in 2014 and 550 mln with a 5.5% coupon maturing in 2012.
Oil at $60?
Exports reached a year-to-date increase of 29% in April for CYP 203 mln in the first four months, while imports during the period fell 1.4% to CYP 883 mln. At the same time, tourism bounced back in May rising 8% year-on-year due to a better Easter break to 284,000 in the month and up 5% to 736,000 for the five month period.
The key question for investors was how high can oil prices go as crude gained for four days and reached a record high of $59 a barrel.