An auction was held on 7.12.2004 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £60.000.000, first tranche issue 5,75% Government Registered Development Stock with date of issue 9.12.2004 and maturity in five years.
The total value of the bids submitted was £50.489.800. The competitive bids amounted to £45.220.500 and the non-competitive bids to £5.269.300. The total value of bids accepted was £31.974.300. The competitive bids accepted amounted to £26.705.000 while the non-competitive bids accepted amounted to £5.269.300.
The lowest and highest prices of the competitive bids accepted were £97,93 and £98,50, respectively, for every £100 nominal value, representing annual yields of 6,24% and 6,10% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £5.269.300 were accepted at the weighted average price of the accepted competitive bids. This price was £98,05 per £100 nominal value representing an annual yield of 6,21%.