An auction was held on 8.5.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £50.000.000 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 £64.997.300; competitive bids amounted to £62.909.900 while non-competitive bids to £2.087.400. The total value of bids accepted was £49.690.500, of which £47.603.100 represent competitive bids and the remaining £2.087.400 non-competitive bids.
The lowest and highest prices of the competitive bids accepted were £99,25 and £100,00 respectively for every £100 nominal value, representing annual yields of 4,42% and 4,25% respectively. In accordance with the published terms of the auction non-competitive bids amounting to £2.087.400 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%.