An auction was held on 7.6.2005 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of up to £40.000.000 5,25% Government Registered Development Stock with date of issue 9.6.2005 and maturity in ten years.
The total value of the bids submitted was £139.347.800. The competitive bids amounted to £79.805.000 and the non-competitive bids to £59.542.800. The total value of bids accepted was £40.000.000. The competitive bids accepted amounted to £30.000.000 while the non-competitive bids accepted amounted to £10.000.000.
The lowest and highest prices of the competitive bids accepted were £102,83 and £103,63 respectively, for every £100 nominal value, representing annual yields of 4,89% and 4,79% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £10.000.000 were accepted at the weighted average price of the accepted competitive bids. This price was £103,23 per £100 nominal value representing an annual yield of 4,84%.