An auction was held on 26.6.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £20.000.000 Treasury Bills with date of issue 26.6.2003 and 52 weeks maturity.
The total value of the bids submitted was £38.000.000. The competitive bids amounted to £31.000.000 and the non-competitive bids to £7.000.000. The total value of bids accepted was £18.000.000. The competitive bids accepted amounted to £11.000.000, while the non-competitive bids accepted amounted to £7.000.000.
The lowest and highest prices of the competitive bids accepted were £965.26 and £965,54 respectively for every £1.000 nominal value, representing annual yields of 3,61% and 3,58% respectively. In accordance with the published terms of the auction non-competitive bids amounting to £7.000.000 were accepted at the weighted average yield/price of the accepted competitive bids. This price was £965,35 per £1.000 nominal value representing an annual yield of 3,60%.