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 first tranche issue 5,35% Government Registered Development Stock with date of issue 9.6.2005 and maturity in fifteen years.
The total value of the bids submitted was £150.966.700. The competitive bids amounted to £77.688.000 and the non-competitive bids to £73.278.700. 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 £102,71 and £103,78 respectively, for every £100 nominal value, representing annual yields of 5,09% and 4,99% 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 £103,24 per £100 nominal value representing an annual yield of 5,04%.