Daily Archives: November 15, 2011

Archives November 15, 2011 posted by

Marfin covered bonds downgraded, Bank of Cyprus on negative watch

MOODY’S Investors Service yesterday downgraded Marfin covered bonds and put Bank of Cyprus bonds on review for downgrade.

The actions follow Moody’s downgrade of Cyprus’ sovereign debt and associated rating actions on Cypriot banks last week.

According to a statement from Moody’s, covered bonds issued by Marfin Popular Bank (Marfin), backed by Cypriot residential mortgage loans (Marfin Cypriot Pool CB) have been downgraded to Ba3 on review for further downgrade. They had been previously downgraded to Baa3 in August. 

It said that covered bonds issued by Bank of Cyprus Public Company Limited (BoC), backed by Greek residential mortgage loans (BoC Greek Pool CB): Baa3 placed on review for downgrade; previously downgraded to Baa3 in August 2011.

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MIG to pursue investment in Greece and Cyprus

MARFIN Investment Group (MIG) announced yesterday that it had reached a strategic understanding with the ABU DHABI MAR/Privinvest Group of companies (ADM) to jointly pursue and exploit investment opportunities in Greece, Cyprus and the region.

According to the announcement, ADM will become a shareholder of a to-be-determined amount of the share capital of MIG and/or a convertible bond investor in MIG as soon as practically possible. Also Iskandar Safa, Chairman of ADM, will be elected as Vice Chairman of the Board of Directors of MIG.

MIG will eventually become an investor in Hellenic Shipyards SA,  retaining one seat on the board, and will assist in the management of this company.

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CY preferred airline for Turkish Cypriots

CYPRUS Airways is the preferred airline for Turkish Cypriots, according to a poll on the website of Kibris Postasi newspaper.

The poll, which was opened on November 10 and lists six airlines – five of them Turkish – has been completed by over 5,000 people. 

The results showed that 25 per cent of Turkish Cypriot travellers preferred to use Cyprus Airways, followed by 24 per cent who preferred Turkish Airlines. Pegasus Airlines came in third with 22 per cent, followed by Atlas Jet with 18 per cent, Onur with 7.0 per cent and Anadolou Jet with 4.0 per cent.

No reason was given as to why Cyprus Airways was the preferred airline but it is likely because it flies direct from the island. Airlines that fly out from the north must first land in Turkey.

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CTO hopes 2012 will be as good as this year

NEXT year could be a difficult year for tourism, despite an upswing in 2011, Cyprus Tourism Organisation (CTO) chairman Alecos Orountiotis warned yesterday, given the economic crisis gripping traditional European markets. 

“We hope will be able to maintain the figures we had in 2011,” he said after a meeting with President Demetris Christofias. “This would constitute a great success’.

Orountiotis said that he briefed the President on the data for the 2011 summer season as well on CTO’s future projects.

“We hope that in 2012 , the arrivals from Great Britain will be at the same level as in 2011 and that we will manage to increase the arrivals from some other countries like Russia,” he said.

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