The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £20.000.000 5,50% Government Registered Development Stock with date of issue 25th February, 2002 and repayment at par in ten years. Details about the auction are published in the form of an Announcement in the Official Gazette of the Republic on Friday 4th October, 2002.
Government Registered Development Stocks (GRDS) offered by auction are issued in series. For 10-year GRDS, Series 2002 5,50% GRDS maturing in 2012 is offered, which will be effected in tranches that will take place during 2002.
The issue of the First Tranche of Series 2002 5,50% 10-year GRDS took place on 25th February, 2002 - being the date of issue of the Series – and the issue of the Second Tranche for up to the amount of £20.000.000, as mentioned above, will be on 15th October, 2002. The auction will take place on 14th of October, 2002. Applicants should include in their bid accrued interest from 25th August, 2002 (being the last six-monthly interest payment date). The said accrued interest (£0,76849 per £100 nominal value of stock) less 3% Defence Tax Contribution (£0,02305 per £100 nominal value of stock) which amounts to £0,74544 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,76849 per £100 nominal value of stock) less 10% Defence Contribution (£0,07685 per £100 nominal value of stock) amounting to £0,69164 should accompany the bid. The total amount payable should be rounded to the nearest cent. The full amount of interest in respect of the period 25th August, 2002 to 25th February, 2003 shall be payable to the stockholders on 25th February, 2003.
Bids in the prescribed form for the 10-year stock will be accepted from 10th October, 2002 until 9.00 a.m. of 14th October, 2002. Only forms designed for the Second Tranche Issue should be used. Application forms for the submission of bids and copies of the Announcement on the auction procedures and Terms of Issue for 10 year GRDS can be obtained from the Securities Section of the Central Bank of Cyprus.