January 12, 2017 / 11:53 AM / 6 months ago

Bank of Cyprus to price 250m Tier 2 trade at 9.25%

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LONDON, Jan 12 (IFR) - Bank of Cyprus will price a 250m Tier 2 bond at 9.25%, according to a lead manager.

Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and HSBC started marketing the 200m-minimum 10-year non-call subordinated bond at 9.5% area on Thursday morning.

The transaction is expected to be rated Caa3 by Moody's. Bank of Cyprus is rated Caa2 by Moody's and B- by Fitch.

It will be priced later today. (Reporting by Alice Gledhill; editing by Alex Chambers)

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