The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £50.000.000 4,75% Government Registered Development Stock with date of issue 1st January, 2003 and repayment at par in five years. Details about the auction will be published in the form of an Announcement in the Official Gazette of the Republic on Friday 7th February, 2003.
Government Registered Development Stocks (GRDS) offered by auction are issued in series. For 5-year GRDS, Series 2003 4,75% GRDS maturing in 2008 is offered, which will be effected in tranches that will take place during 2003.
The issue of the First Tranche of Series 2003 4,75% 5-year GRDS took place on 1st January, 2003 - being the date of issue of the Series – and the issue of the Fourth Tranche for up to the amount £50.000.000, as mentioned above, will be on 12th February, 2003. The auction will take place on 11th February, 2003. Applicants should include in their bid accrued interest from 1st January, 2003 (being the issue date of the Series). The said accrued interest (£0,54658 per £100 nominal value of stock) less 3% Defence Tax Contribution (£0,01640 per £100 nominal value of stock) which amounts to £0,53018 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,54658 per £100 nominal value of stock) less 10% Defence Contribution (£0,05466 per £100 nominal value of stock) amounting to £0,49192 should accompany the bid. The total amount payable should be rounded to the nearest cent. The full amount of interest in respect of the period 1st January, 2003 to 1st July, 2003 shall be payable to the stockholders on 1st July, 2003.
Bids in the prescribed form for the 5-year stock will be accepted from 7th February, 2003 until 9.00 a.m. of 11th February, 2003. Only forms designed for the Fourth Tranche Issue should be used. Application forms for the submission of bids and copies of the Announcement on the auction procedures and Terms of Issue for 5‑year GRDS can be obtained from the Securities Section of the Central Bank of Cyprus.