Bailed-out Cyprus raises 1 billion euros ($1.1 billion) from 10-year bond issue

NICOSIA, Cyprus – Cyprus' finance minister says the bailed-out eurozone country has raised 1 billion euros ($1.1 billion) from international markets with its third public bond issue.

Harris Georgiades said Tuesday the bonds carried a 4.25 percent interest rate, which he described as the lowest-ever for a 10-year issue.

This is the third time Cyprus has tapped international markets since March 2013, when a 10 billion-euro ($11 billion) lifeline from creditors saved the country from bankruptcy.

Georgiades said 450 million euros will be used to exchange bonds maturing in 2019-20. The rest will be used to bolster the government's cash reserves and help ease the public debt as the country's rescue program winds down.

Georgiades said this shows that Cyprus' credit worthiness has been "essentially restored," but that economic reforms would continue.