An auction was held on 23.6.2004 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of up to £20.000.000, first tranche issue 6,10% Government Registered Development Stock with date of issue 24.6.2004 and maturity in fifteen years.
The total value of the bids submitted was £4.695.000. The competitive bids amounted to £4.100.000 and the non-competitive bids to £595.000. The total value of bids accepted was £4.195.000. The competitive bids accepted amounted to £3.600.000, while the non-competitive bids accepted amounted to £595.000.
The lowest and highest prices of the competitive bids accepted were £89,60 and £98,94, respectively, for every £100 nominal value, representing annual yields of 7,25% and 6,21%, respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £595.000 were accepted at the weighted average price of the accepted competitive bids. This price was £91,29 per £100 nominal value representing an annual yield of 7,05%.