An auction was held on 29.1.2004 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 30.1.2004 and maturity in two years.
The total value of the bids submitted was £5.726.400. The competitive bids amounted to £5.005.000 and the non-competitive bids to £721.400. The total value of the bids accepted was £3.721.400. The competitive bids amounted to £3.000.000 while the non-competitive bids accepted amounted to £721.400.
The lowest and highest prices of the competitive bids accepted were £98,77 and £98,96 respectively for every £100 nominal value, representing annual yields of 4,40% and 4,30% respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £721.400 were accepted at the weighted average price of the accepted competitive bids. This price was £98,83 per £100 nominal value representing an annual yield of 4,37%.