Cyprus’ Finance Ministry has revealed that the island nation will soon issue bonds worth 5 years and 30 years. The debt issuance will be carried out by all major financial instructions, including Deutsche Bank, Barclays, J.P. Morgan, Goldman Sachs, Societe Generale and Morgan Stanley.

The Ministry has revealed that Cyprus – with its Standard & Poor’s rating of ΒΒΒ-, Moody’s rating of Ba2-,  Fitch’s rating of BBB, and finally, DBRS rating of BBBL will issue five-year maturity 2024 (euro) and thirty-year maturity 2049 (euro).

The purpose of said activity is to pay early the loan worth 2.5 billion euros that was taken from Russia, which currently has 1.57 billion euros worth of outstanding.

Kathimerini has said that given the inability of the new debt issuance strategy to make full re-repayment, they would offer a solution of partial repayment.

Auctions for both bond types would take place at the same time.