MARFIN POPULAR BANK PUBLIC CO LTD announces that on 24.5.2011 it completed the issuance of the first series 1 billion euro Covered Bonds, with a maturity of two years, an extension period of one year, an annual interest rate of 3M Euribor plus 2.00% and in accordance with the rest of the terms of the Programme ("the Covered Bonds"). The Covered Bonds have been rated Baa1 by the international rating agency Moody's Investors Services.
This is the first issue of Covered Bonds in Cyprus and it has been completed under the 5 billion euro Covered Bond Programme, in accordance with the Covered Bond Law of 2010 (130 (I)/2010) (the "Law"), which came into force on December 23, 2010, and the Central Bank of Cyprus Directive (526/2010) which was issued under the provisions of the above Law.
The issue was completed following the approval of the Central Bank of Cyprus. The "cover" of the Covered Bonds, in the context of article 2 of the Law, is composed of residential loans, all of which are compliant with the terms and conditions of the legal framework in force. The Covered Bonds have been admitted for listing and trading on the Irish Stock Exchange.