An auction was held on 31.12.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £180.000.000 4,25% Government Registered Development Stock with date of issue 4.1.2004 and maturity in five years.
The total value of the bids submitted was £54.720.700. The competitive bids amounted to £45.598.000 and the non-competitive bids to £9.122.700. All the bids were accepted.
The lowest and highest prices of the competitive bids accepted were £96,72 and £100,00 respectively for every £100 nominal value, representing annual yields of 5,00% and 4,25% respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £9.122.700 were accepted at the weighted average price of the accepted competitive bids. This price was £98,01 per £100 nominal value representing an annual yield of 4,70%.