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English: Long-term interest rate statistics (monthly averages of secondary market yields - percentages per annum - of government bonds with maturities close to ten years) for all Eurozone countries, except the three Baltic states. Latvia and Lithuania were not included because of only joining the eurozone after the debt crisis had erupted, while the exclusion of Estonia is due to its absence of issued government long-term debt (ECB notes: "As Estonia has a very limited government debt, there are currently no suitable long-term government bonds available on the financial market"). In regards of Cyprus, ECB chose only to publish primary market yield data for its long term government debt (with the effective yield being fixed to the one applying on the issuing date of the government bond with the longest 10 year maturity), but as the accuracy of these data can be questioned (i.e. private creditors holding maturing Cypriot bonds, were forced to exchange them with the latest issued 2023 bond at a fixed 6.0% rate), the graph also feature a dotted line for Cyprus of its secondary market (freely stock exchange traded) long-term yield extracted from its bond with maturity on 3 February 2020 (see note below).
Source: http://www.ecb.int/stats/money/long/html/index.en.html


  • Note about Cyprus yield data: While reporting the "secondary market yield of long-term government debt" for all other states, ECB opted - in their monthly statistical update - only to report the "primary market yield of long-term government debt" for Cyprus,[1] where the effective yield is being fixed and recorded to the one applying on the issuing date of the "latest government bond with a 10 year maturity - being issued solely to the primary market". This primary market benchmark bond was "CYGB 6.5% (25 Aug 2021)" throughout August 2011 to June 2013, which was issued in August 2011 with a fixed cut-off yield at 7.0%.[2] Since 1 July 2013, the primary market benchmark bond was "CYGB 6.0% (1 Jul 2023)", which was issued in July 2013 with a fixed cut-off yield at 6.0%.[3] The latest "CYGB 6.0% (1 Jul 2023)" issuance was even a forced bond exchange substituting old bonds with a maturity in 2015, being assessed by some credit rating agencies as "selective default" or "restrictive default", mainly because of the fact that the yields of the new bonds did not reflect the market rates - while large domestic investors were forced to accept their old bonds being exchanged to this new bond with a fixed 6% interest rate and longer maturity.[4] This mean, that in market situations where the Cypriot government bond rate for comparable maturities freely traded at the stock exchange deviate from the fixed primary cut-off yield, a situation which occurred throughout the entire period covered by the graph, this will not be noticed by the fixed yield data for these type of bonds (as the fixing of their yield was not made freely and frequently by the market).
    In order to asses "free market trade" values for Cypriot long-term government bond yields during January 2010 to April 2015, the secondary market (stock exchange traded) yields of the Cypriot government bond with longest maturity but without a fixed cut-off yield enforced, is considered to be more accurate.[5] This secondary market benchmark bond, was identified for the period stretching from January 2010 to April 2015, to be the EMTN bond named CYPGB 4.625% EUR (3 Feb 2020), with an average yield at 4.6% for January 2010[6] and a historic yield peak at 16.5% on 12 June 2012.[7] The average monthly yield values of this bond, were extracted from graphs presented by the Cypriot Ministry of Finance in their: 2010 PDM report,[6] 2012 PDM report,[7] 2013 PDM report,[8] 2014 PDM report,[9] and Q1-2015 PDM report.[10] All historic daily yield values for the bond can be looked up by subscribers of the Cbond website,[11] while yield data for the latest trading day is available for free at the Frankfurt Stock Exchange website.[12].
  • Note on selection of Cyprus benchmark bonds: Selection of both the primary market benchmark bond and secondary market benchmark bond, is made each month by simply picking the one with the maturity being closest to 10 years at the date of the check, from this list of issued bonds by the central government of Cyprus, of which all EMTN bonds represent those being traded freely at the secondary market while the list of domestic bonds represent those being traded at the domestic primary market (carrying a fixed yield). According to this list and selection procedure, the secondary market benchmark bond will change to become the new CYPGB 3.875% EUR (6 May 2022) EMTN bond, starting from May 2015.[13]
  1. ↑ Long-term interest rate statistics for EU Member States. ECB (12 July 2011).
  2. ↑ Domestic bonds: Cyprus, CYGB 6.5 25aug2021 (CY0142120811). Cbonds (17 May 2013).
  3. ↑ Domestic bonds: Cyprus, CYGB 6.0 1jul2023 (CY0143810816). Cbonds (2 June 2014).
  4. ↑ Public Debt Management Annual Report 2013. Financing of the central government in 2013. Cypriot Ministry of Finance (22 May 2014).
  5. ↑ The Economic Adjustment Programme for Cyprus. Occasional Papers 149 (yield spreads displayed by graph 19). European Commission (17 May 2013).
  6. ↑ a b Public Debt Management Annual Report 2010. Graph at page 19 (Yield development 10-year bonds, Cyprus and peers). Cypriot Ministry of Finance (15 March 2011).
  7. ↑ a b Public Debt Management Annual Report 2012. Figure 4: Secondary yield levels for Cyprus international bonds in 2012. Cypriot Ministry of Finance (22 April 2013).
  8. ↑ Annual Report Public Debt Management 2013 (PDF). Figure 3: Secondary yield levels of Cyprus and selected Eurozone countries (government bonds due in 2020). Cypriot Ministry of Finance (22 May 2014).
  9. ↑ Annual Report Public Debt Management 2014 (PDF). Figure 1: Secondary market yield levels of Cyprus and selected Eurozone countries (government bonds due in 2020). Cypriot Ministry of Finance (15 June 2015).
  10. ↑ Cyprus central government debt - Quarterly bulletin No.17 (1st quarter 2015) (PDF). Graph: Secondary market bond market yields. Cypriot Ministry of Finance (14 May 2015).
  11. ↑ Eurobonds: Cyprus, 2020, EUR (XS0483954144). Cbonds (17 May 2013).
  12. ↑ Yield calculater: ZYPERN 10/20 MTN Bond, ISIN XS0483954144, WKN A1AS1P. Frankfurt Stock Exchange.
  13. ↑ 29/04/2015 Announcement - New EMTN Termsheet (PDF). Cypriot Ministry of Finance (Public Debt Management Office) (28 April 2015).
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