An auction was held on 15.4.2004 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 16.4.2004 and maturity in two years.
The total value of the bids submitted was £16.174.900. The competitive bids amounted to £10.149.900 and the non-competitive bids to £6.025.000. The total value of bids accepted was £15.224.900. The competitive bids accepted amounted to £9.199.900, while the non-competitive bids accepted amounted to £6.025.000.
The lowest and highest prices of the competitive bids accepted were £97,65 and £98,02 respectively for every £100 nominal value, representing annual yields of 5,00% and 4,80%, respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £6.025.000 were accepted at the weighted average price of the accepted competitive bids. This price was £97,86 per £100 nominal value representing an annual yield of 4,89%.