Bank of Cyprus to redeem remaining Tier 2 capital notes

On April 23, 2021, the Bank of Cyprus issued €300 million in Fixed Rate Reset Tier 2 Capital Notes (ISIN XS2333239692) with a maturity date of October 23, 2031. The bank held an issuer call option exercisable between April 23, 2026, and October 23, 2026. In September 2025, the bank launched a tender offer at 102.3 percent of the principal amount, which resulted in the acquisition and cancellation of approximately €217 million in notes. Further open market purchases in December 2025 totaled €0.3 million. As of March 26, 2026, the remaining outstanding principal amounted to approximately €82 million. The bank has officially decided to exercise its call option to redeem the remaining balance in full on April 23, 2026. Formal notice of this redemption will be provided to all remaining noteholders according to the original terms of the instrument.