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Sale of GRDS through auction issue of second tranche of series 2003 4,60% 15-year stock

Friday, 20 June 2003

The Central Bank of Cyprus announces the offer through auction on a bid-price basis of up to £15.000.000 4,60% Government Registered Development Stock with date of issue 23rd April, 2003 and repayment at par in fifteen years. Details about the auction are published in the form of an Announcement in the Official Gazette of the Republic on Friday 20th June, 2003.

Government Registered Development Stocks (GRDS) offered through auction are issued in series. For 15-year GRDS, Series 2003 4,60% GRDS maturing in 2018 is offered, which will be effected in tranches that will take place during 2003.

The issue of the First Tranche of Series 2003 4,60% 15-year GRDS took place on 23rd April, 2003 - being the date of issue of the Series – and the issue of the Second Tranche for up to the amount of £15.000.000, as mentioned above, will be on 27th June, 2003. The auction will take place on 26th June, 2003. Applicants should include in their bid accrued interest from 23rd April, 2003 (being the issue date of the Series). The said accrued interest (£0,81918 per £100 nominal value of stock) less 3% Defence Contribution (£0,02458 per £100 nominal value of stock) which amounts to £0,79460 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,81918 per £100 nominal value of stock) less 10% Defence Contribution (£0,08192 per £100 nominal value of stock) amounting to £0,73726 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 23rd April, 2003 to 23rd October, 2003 shall be payable to the stockholders on 23rd October, 2003.

Bids in the prescribed form for the 15-year stock will be accepted from 24th June, 2003 until 9.00 a.m. of 26th June, 2003. 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 15-year GRDS can be obtained from the Securities Section of the Central Bank of Cyprus.