An auction was held on 10.3.2004 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £50.000.000 3,75% Government Registered Development Stock with date of issue 11.3.2004 and maturity in two years.
The total value of the bids submitted was £17.986.300. The competitive bids amounted to £12.376.300 and the non-competitive bids to £5.610.000. The total value of bids accepted was £10.920.200. The competitive bids accepted amounted to £5.310.200, while the non-competitive bids accepted amounted to £5.610.000.
The lowest and highest prices of the competitive bids accepted were £98,02 and £98,11 respectively for every £100 nominal value, representing annual yields of 4,80% and 4,75%, respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £5.610.000 were accepted at the weighted average price of the accepted competitive bids. This price was £98,04 per £100 nominal value representing an annual yield of 4,79%.