Group Financial Results
Bank of Cyprus Holdings
S&P credit ratings
Cyprus maintains investment grade
Dec 12
Apr 13
Jul 13
Oct 13
Jan 14
Apr 14
Jul 14
Oct 14
Jan 15
Apr 15
Jul 15
Oct 15
Jan 16
Jan 16
Apr 16
Jul 16
Oct 16
Jan 17
Apr 17
Jul 17
Oct 17
Jan 18
Cyprus
Portugal
Italy
Spain
Greece
SOURCE: Statistical Service of Republic of Cyprus; Bloomberg, Economics Research Centre of University of Cyprus
Normalised against Germany Government bond with maturity 15/8/2025 except Greece
Ireland
1)
2)
Due to the Debt swap of the Hellenic Republic, from November 2017 onwards data for the new Hellenic Republic Bond with maturity
Apr 18
Jul 18
Oct 18
Cypriot economy more resilient than anticipated earlier in the year
Unemployment rate increased to 8.5% in 4Q2020
Public debt increased in response to COVID-19 impact
9.4%
8.9%
118
107
103
99
94
94
8.3%
8.5%
7.8%
8.3%
7.3%
7.3%
7.4%
8.1%
7.8%
7.6%
7.2%
7.2%
3.8
1.9
0.1
0.3
1.5
6.7%
6.7%
2015
2016
2017
2018
2019
-5.0
2020
3
4Q2019 1Q2020
Public debt % GDP
-Budget % of GDP
-Cyprus
2Q2020
Euro Area
3Q2020 4Q2020 2020
2021E
2022E
Estimate
Jan 19
GLUPC
Apr 19
Jul 19
Oct 19
Jan 20
Apr 20
Jul 20
Oct 20
Jan 21
0.5
■ AA-
0.4
A
0.3
BBB-
BBB
BB-
Spreads (%)
0.2
0.1
0
-0.1
Jan 2019
Feb 2019
Tightening of spreads as market confidence improves
Apr 2019
May 2019
Jun 2019
Aug 2019
Sep 2019
Nov 2019
Dec 2019
Cyprus maturity 4/11/2025
Portugal maturity 15/10/2025
Spain - maturity 31/10/20251
Italy - maturity 01/12/20251
Greece maturity 30/01/20282
30/01/2028 was used and normalised against the closest maturity of German Government bond (DBR) 15/08/2027
3) Excluding one-off costs relating to 2015 equity injection and 2018 fiscal cost of Cyprus Cooperating Bank
Feb 2020
Mar 2020
45
Aug 2020
Sep 2020
Nov 2020
Dec 2020
Feb 2021
Group Financial Results for the year ended 31 December 2020View entire presentation