An auction was held on 29.12.2004 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, first tranche issue 5,75% Government Registered Development Stock with date of issue 3.1.2005 and maturity in five years.
The total value of the bids submitted was £57.846.200. The competitive bids amounted to £49.484.200 and the non-competitive bids to £8.362.000. The total value of bids accepted was £20.332.000. The competitive bids accepted amounted to £11.970.000 while the non-competitive bids accepted amounted to £8.362.000.
The lowest and highest prices of the competitive bids accepted were £98,51 and £98,93, respectively, for every £100 nominal value, representing annual yields of 6,10% and 6,00% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £8.362.000 were accepted at the weighted average price of the accepted competitive bids. This price was £98,57 per £100 nominal value representing an annual yield of 6,09%.