An auction was held on 25.2.2004 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £20.000.000 4,50% Government Registered Development Stock with date of issue 26.2.2004 and maturity in ten years.
The total value of the bids submitted was £2.235.000. The competitive bids amounted to £700.000 and the non-competitive bids to £1.535.000. All bids submitted were accepted.
The lowest and highest prices of the competitive bids accepted were £94,00 and £95,35 respectively for every £100 nominal value, representing annual yields of 5,28% and 5,10% respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £1.535.000 were accepted at the weighted average price of the accepted competitive bids. This price was £94,83 per £100 nominal value representing an annual yield of 5,17%.