The Central Bank of Cyprus announces the offer through auction on a bid-price basis of up to £30.000.000 4,25% Government Registered Development Stock with date of issue 23rd April, 2003 and redemption at par in five years. Details about the auction are published in the form of an Announcement in the Official Gazette of the Republic on Friday 8th August, 2003.
Government Registered Development Stocks (GRDS) are offered through auction and issued in series. For 5-year GRDS, Series 2003 4,25% 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 4,25% 5-year GRDS took place on 23rd April, 2003 - the date of issue of the Series. The issue of the Eighth Tranche for up to the amount of £30.000.000, as mentioned above, will be on 14 August, 2003. The auction will take place on 13th August, 2003. Applicants should include in their bid accrued interest from 23rd April, 2003 (the issue date of the Series). The said accrued interest (£1,31575 per £100 nominal value of stock) less 3% Defence Contribution (£0,03947 per £100 nominal value of stock), which amounts to £1,27628 (payable by Private Individuals and Provident Funds), should accompany the bid. In the case of other investors the accrued interest (£1,31575 per £100 nominal value of stock) less 10% Defence Contribution (£0,13158 per £100 nominal value of stock) amounting to £1,18417 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 23rd April, 2003 to 23rd October, 2003 shall be payable to the stockholders on 23rd October, 2003.
Bids in the prescribed form for the 5-year stock will be accepted from 11th August, 2003 until 9.00 a.m. of 13th August, 2003. Only forms designed for the Eighth 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.