An auction was held on 21.5.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £ 40.000.000 4,25% Government Registered Development Stock with date of issue 23.4.2003 and maturity in five years.
The total value of the bids submitted was £51.923.200; competitive bids amounted to £48.433.200 while non-competitive bids to £3.490.000. The total value of bids accepted was £39.040.000, of which £35.550.000 represent competitive bids and the remaining £3.490.000 non-competitive bids.
The lowest and highest prices of the competitive bids accepted were £99,39 and £99,74 respectively for every £100 nominal value, representing annual yields of 4,39% and 4,31% respectively. In accordance with the published terms of the auction non-competitive bids amounting to £3.490.000 were accepted at the weighted average yield/price of the accepted competitive bids. This price was £99,47 per £100 nominal value representing an annual yield of 4,37%.