An auction was held on 7.7.2006 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of up to £50.000.000 3,75% Government Registered Development Stock with date of issue 11.7.2006 and maturity in two years.
The total value of the bids submitted was £142.328.600. The competitive bids amounted to £136.000.000 and the non-competitive bids to £6.328.600. The total value of bids accepted was £50.000.000. The competitive bids accepted amounted to £43.671.400 while the non-competitive bids accepted amounted to £6.328.600.
The lowest and highest prices of the competitive bids accepted were £100,20 and £100,67, respectively, for every £100 nominal value of Government Registered Development Stock, representing annual yields of 3,65% and 3,40%, respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £6.328.600 were allotted at the weighted average price of the competitive bids accepted. This price was £100,45 per £100 nominal value representing an annual yield of 3,51%.