Bank of Cyprus bond issuance garners international acclaim
The Bank of Cyprus has been awarded the prestigious “Best Financial Institution Bond in Southeast Europe” by the business periodical EMEA Finance, for its highly successful issuance of Additional Tier 1 (AT1) capital securities worth €220 million in June 2023.
According to an announcement released this week, this accolade underscores the bank’s strong financial and operational performance over recent years.
Chris Moore, publisher and CEO of EMEA Finance, stated that the AT1 issuance by the bank was remarkable for several reasons.
Notably, the bank effectively reopened this market segment, as it was the first AT1 bond announced following the collapse of Credit Suisse.
In addition, the order book for the bond was oversubscribed more than twelve times, exceeding €2.75 billion.
Commenting on the award, Panicos Nicolaou, CEO of the Bank of Cyprus, expressed his satisfaction with the recognition.
“This international recognition for one of the many significant achievements of the bank in 2023 highlights the substantial progress the bank has made in recent years,” he stated.
“It is a timely accomplishment as we celebrate the bank’s 125th anniversary in 2024,” Nicolaou concluded.