An auction was held on 17.11.2004 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 5,00% Government Registered Development Stock with date of issue 18.11.2004 and maturity in two years.
The total value of the bids submitted was £60.068.700. The competitive bids amounted to £50.000.000 and the non-competitive bids to £10.068.700. The total value of bids accepted was £40.068.700. The competitive bids accepted amounted to £30.000.000 while the non-competitive bids accepted amounted to £10.068.700.
The lowest and highest prices of the competitive bids accepted were £99,52 and £99,63 respectively, for every £100 nominal value, representing annual yields of 5,26% and 5,20% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £10.068.700 were accepted at the weighted average price of the accepted competitive bids. This price was £99,55 per £100 nominal value representing an annual yield of 5,24%.