Cyprus Is Said to Consider Early Repayment of Russian Loan

Cyprus is weighing an early repayment for part of a 2.5 billion-euro ($2.8 billion) Russian loan that dates back to the low point of the financial crisis, two government officials said, after yields on the country’s 10-year debt hit a record low last week, Bloomberg News reported. While the government is seriously considering early repayment, no final decision has been made yet, said one of the officials, who asked not to be named citing the ongoing decision-making process. Current market conditions have prompted the government to weigh selling new debt earlier than originally planned, the second official said. Yields on Cypriot 10-year bonds dropped to 1.37 percent on Friday, the lowest since 2015, when Bloomberg began compiling the data. The Mediterranean country agreed to the Russian loan in 2011, at a time it was losing access to financial markets. Read more