Relative calm in senior, but uncertainty grows over Cyprus
The Cypriot government’s raid of its banks’ depositors provoked a relatively muted reaction from the European senior unsecured market on Monday, said bankers, with cash-rich buyers stepping in to support widening spreads.
Cyprus reached a bailout agreement with a group of creditor countries on Saturday. As part of the deal the government plans to raise nearly 6bn through a one-off levy of 9.9% from deposits over 100,000 and 6.75% from those below.
Talks continue over the details, with Cypriot press
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