Moody's gives Bank of Cyprus issue B3

Moody's Investors Service said it assigned a B3(hyb) rating to Bank of Cyprus Holdings plc’s upcoming additional tier 1 capital instrument.

Bank of Cyprus Holdings, the parent company of Bank of Cyprus PCL, is raising around €220 million of AT1 notes, which will refinance Bank of Cyprus Holdings' €220 million AT1 notes. Moody’s does not rate the outstanding AT1 notes.

“This will be a stand-alone issuance, not part of an EMTN program, of a perpetual instrument with a call option for the issuer after five years, optional non-cumulative coupon suspension and will have a low trigger (common equity tier 1 ratio dropping below 5.125%) principal write-down feature,” Moody’s said in a press release. The EMTN program is rated (P) Ba3.

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