Bank of Cyprus unveils double-digit AT1

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By Jasper Cox
28 Aug 2018

Bank of Cyprus said on Tuesday that it had priced €220m of additional tier one (AT1) capital with a whopping 12.5% coupon, on the same day it announced the sale of a portfolio of non-performing loans.

The AT1 has been placed privately to a small number of institutional investors. The 12.5% coupon is larger than that of any former or outstanding AT1, according to CreditSights data.

The perpetual notes can be called every fifth anniversary of the issue date, and the notes will be ...

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