An auction was held on 8.5.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £30.000.000 3,75% Government Registered Development Stock with date of issue 9.5.2003 and maturity in two years.
The total value of the bids submitted was £20.000.000; competitive bids amounted to £15.000.000 while non-competitive bids to £5.000.000. The total value of bids accepted was £10.000.000, of which £5.000.000 represent competitive bids and the remaining £5.000.000 non-competitive bids.
In accordance with the published terms of the auction non-competitive bids amounting to £5.000.000 were accepted at the weighted average yield/price of the accepted competitive bids. This price was £100,12 per £100 nominal value representing an annual yield of 3,69%.