An auction was held on 10.12.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £50.000.000 4,25% Government Registered Development Stock with date of issue 28.8.2003 and maturity in five years.
The total value of the bids submitted was £4.366.000. The competitive bids amounted to £3.500.000 and the non-competitive bids to £866.000. The total value of bids accepted was £2.866.000. The competitive bids accepted amounted to £2.000.000 while the non competitive bids accepted amounted to £866.000.
The lowest and highest prices of the competitive bids accepted were £98,11 and £98,32 respectively for every £100 nominal value, representing annual yields of 4,70% and 4,65% respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £866.000 were accepted at the weighted average price of the accepted competitive bids. This price was £98,22 per £100 nominal value representing an annual yield of 4,68%.