Auction Results of 4,75% GRDS Issued on 1.1.2003 (First Tranche Issue dated 1.1.2003)

An auction was held on 30.12.2002 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £60.000.000 4,75% Government Registered Development Stock with date of issue 1.1.2003 and repayment in five years.

The total value of the bids submitted was £127.504.800. The competitive bids amounted to £111.200.000 and the non-competitive bids to £16.304.800. The total value of bids accepted was £54.304.800. The competitive bids accepted amounted to £38.000.000, while the non-competitive bids accepted amounted to £16.304.800.

The lowest and highest prices of the competitive bids accepted were £100,23 and £100,67 respectively for every £100 nominal value, representing annual yields of 4,70% and 4,60% respectively. In accordance with the terms of the auction the non‑competitive bids amounting to £16.304.800 were accepted at the average weighted price of the accepted competitive bids. This price was £100,48 per £100 nominal value representing an annual yield of 4,64%.