An auction was held on 12.7.2005 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 4,00% Government Registered Development Stock with date of issue 14.7.2005 and maturity in two years.
The total value of the bids submitted was £113.300.000. The competitive bids amounted to £75.855.000 and the non-competitive bids to £37.445.000. The total value of bids accepted was £50.000.000. The competitive bids accepted amounted to £33.225.000 while the non-competitive bids accepted amounted to £16.775.000.
The lowest and highest prices of the competitive bids accepted were £99,75 and £100,39 respectively, for every £100 nominal value, representing annual yields of 4,13% and 3,80% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £16.775.000 were accepted at the weighted average price of the accepted competitive bids. This price was £99,95 per £100 nominal value representing an annual yield of 4,03%.