The Bank of Cyprus Public Company Ltd (the Bank) has successfully closed a euros 300 million Senior Debt issue on 27 May 2005. The bond, of a three-year term, has an issue/reoffer price of 99,853% and pays a coupon of 30 basis points above 3-month Euribor. The bond was issued under the Bank?s ?1 billion EMTN Programme, which was established in September 2003.

The size of the issue was initially set at euros 200 million, but following the high demand (exceeding euros 300 million) the Bank decided to increase the size of the issue to euros 300 million. The Bond was mainly placed with institutional investors in Europe.

The joint lead managers to the issue were Merrill Lynch International and Deutsche Bank.

The bond will be listed on the Luxembourg Stock Exchange.

The proceeds of the issue will increase the Bank of Cyprus Group?s loanable funds, contributing to the further expansion of its operations.