The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £40.000.000 4,75% Government Registered Development Stock with date of issue 1st January, 2003 and repayment at par in five years. Details about the auction are published in the form of an Announcement in the Official Gazette of the Republic on Friday 10th January, 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 Second Tranche for up to the amount of £40.000.000, as mentioned above, will be on 13th January, 2003. The auction will take place on 13th January, 2003. Applicants should include in their bid accrued interest from 1st January, 2003 (being the issue date of the Series). The said accrued interest (£0,15616 per £100 nominal value of stock) less 3% Defence Tax Contribution (£0,00468 per £100 nominal value of stock) which amounts to £0,15148 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,15616) per £100 nominal value of stock) less 10% Defence Contribution (£0,01562 per £100 nominal value of stock) amounting to £0,14054 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 10th January, 2003 until 9.00 a.m. of 13th January, 2003. Only forms designed for the Second 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.