Cyprus will initiate a savings bond programme for retail investors every month starting in June, the finance ministry said on Thursday.
The 6-year bonds will bear a 5.75 per cent coupon until maturity but can be redeemable with a lower interest rate starting at 2.75 per cent two years after acquisition. The minimum subscription for the issue is 1,000 euros, the finance ministry said.
Cyprus has been shut out of international financial markets since May 2011, necessitating a bailout from the EU and the IMF in early 2013.
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