An auction was held on 11.2.2003 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 4,25% Government Registered Development Stock with date of issue 12.2.2003 and maturity in two years.
The total value of the bids submitted was £67.028.000; competitive bids amounted to £67.000.000 while non-competitive bids to £28.000. The total value of bids accepted was £10.028.000, of which £10.000.000 were competitive bids and the remaining £28.000 non-competitive.
The lowest and highest prices of the competitive bids accepted were £100,33 and £100,34 respectively for every £100 nominal value, representing annual yields of 4,08% and 4,07% respectively. In accordance with the published terms of the auction the non‑competitive bids amounting to £28.000 were accepted at the weighted average yield/price of the accepted competitive bids. This price was £100,34 per £100 nominal value representing an annual yield of 4,07%.