Investor Presentaiton
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Group Financial Results for the six months ended 30 June 2020
Cypriot economy dropped by 11.9% in 2Q2020 reflecting COVID-19 lockdown
CY GDP declined 11.9% y-o-y vs 15% decline in Euro Area
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Unemployment rate increased steeply in 2Q2020
14.0
0.8
12.0
10.0
-3.1
8.0
6.0
4.0
2.0
-11.9
0.0
-15.0
-15
2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q218 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020 2Q2020
Cyprus Euro area
-
COVID-19 pandemic poses serious challenges to sovereign ratings
■ AA-
A
2019Q1
2019Q2
2019Q3
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
UTO 2017Q3
2017Q4
Euro Area
Tightening of spreads post COVID-19 lockdown
2018Q1
2018Q2
2018Q4
Cypr 2018Q3
0.6
0.5
9.6
7.3
7.7
6.5
2019Q4
2020Q1
2020Q2
S&P credit ratings
Dec 12
Mar 13
May 13
Aug 13
Oct 13
Jan 14
Cyprus
Mar 14
Jun 14
Aug 14
Nov 14
Jan 15
Apr 15
Jun 15
Sep 15
Nov 15
Portugal
SOURCE: Statistical Service of Republic of Cyprus;
Jan 16
Apr 16
Jun 16
Italy
Bloomberg
Sep 16
Nov 16
Feb 17
Apr 17
Jul 17
Sep 17
Dec 17
Feb 18
May 18
Jul 18
Oct 18
Dec 18
Feb 19
May 19
Jul 19
Oct 19
Spain
(1) Normalised against Germany Government bond with maturity 15/8/2025 except Greece
Greece
Dec 19
Mar 20
Ireland
May 20
Aug 20
BBB-
BB-
(2) Due to the Debt swap of the Hellenic Republic, from November 2017 onwards data for the new Hellenic Republic Bond with maturity
Bank of Cyprus Holdings
BBB
Spreads (%)
0.4
0.3
0.2
0.1
0
Jan 2018
Feb 2018
Apr 2018
May 2018
Jul 2018-
Aug 2018
Sep 2018
Nov 2018
Dec 2018
Feb 2019
Mar 2019
May 2019
Jun 2019
Aug 2019
Sep 2019
Nov 2019
Dec 2019
Feb 2020
Mar 2020
May 2020
Jun 2020
Aug 2020-
Cyprus - maturity 4/11/20251
Italy maturity 01/12/20251
Portugal maturity 15/10/20251
Greece maturity 30/01/20282
Spain - maturity 31/10/20251
30/01/2028 was used and normalised against the closest maturity of German Government bond (DBR) 15/08/2027
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