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From: sixty2nds	6/18/2014 9:46:41 AM
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marketwatch.com THE WALL STREET JOURNAL Archives \| Email alerts June 18, 2014, 6:55 a.m. EDT Cyprus returns to bond market after bailoutSeeking to borrow $678 million for five years By Ben Edwards and Josie Cox Cyprus is set to complete its return to the public debt markets Wednesday, just over a year since it needed a multibillion-euro bailout to save it from exiting the euro zone. The small Mediterranean island nation is seeking to borrow at least 500 million euros ($678 million) for five years, with bankers working on the deal suggesting that the bond will price to yield around 4.9%. To put those borrowing costs in context, Cyprus’s bond maturing February 2020 was yielding almost 14% last July, according to Tradeweb. That bond is now yielding about 4.7%. Pre-sale demand for the new five-year bond topped €1.5 billion, one of the banks said. Cyprus agreed a €10 billion rescue package in March last year as the country’s banking system tottered on the edge of collapse. That deal also saw losses imposed on some bank deposits, the first time savers had been forced to share the burden of a euro-zone bailout. An expanded version of this report appears on WSJ.com

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