The Bank of Cyprus Ltd has successfully closed a 250 million euros senior debt issue on 19 November 2003. The bond, of a three-year term, pays a coupon of 35 basis points above 3M Euribor and has an issue/reoffer price of 99,883%. The bond was issued under the Bank?s EMTN program, which was established in September 2003.

The issue was oversubscribed in a short period of time, with the total subscription amount exceeding 425 million euros.

The bond investor base is well-diversified. Investors came mainly from: United Kingdom 43%, Austria 20%, Germany 11%, Ireland 5%, France 4%, Greece 2%, Portugal 2%, Spain 2%, Esthonia 1% and Belgium/ Netherlands/ Luxembourg 5%. Approximately 77% of the issue was placed with banks, 15% with investment funds and 8% with insurance companies.

The joint lead managers to the issue were Merrill Lynch International, UBS Investment Bank and Credit Suisse First Boston. Alpha Bank was co-manager to the issue.

The bond will be listed on the Luxembourg Stock Exchange.

The proceeds of the issue will increase the Group's loanable foreign currency funds, contributing to the further expansion of its operations.