The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £150.000.000 4,25% Government Registered Development Stock (GRDS) with date of issue 4 January, 2007 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 9 February, 2007.
GRDS issues with five-year duration are effected in tranches. The issue of the First Series 4,25% GRDS (2007-2012) - Second Tranche will take place on 15 February, 2007. The auction will take place on Tuesday 13 February, 2007.
Applicants should include in their bid accrued interest from 4 January, 2007(the issue date of the Series). The accrued interest (£0,48904 per £100 nominal value of stock) less 3% Defence Contribution (£0,01467 per £100 nominal value of stock), which amounts to £0,47437 should accompany the bids submitted by Private Individuals and Provident Funds. In the case of other investors, accrued interest (£0,48904 per £100 nominal value of stock) less 10% Defence Contribution (£0,04890 per £100 nominal value of stock) amounting to £0,44014 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 4 January, 2007 to 4 July, 2007 shall be paid to the stockholders on 4 July, 2007.
Bids on the prescribed form for 5-year stock will be accepted from 9 February, 2007 and not later than 9:00 a.m. on 13 February, 2007. Application forms for the submission of bids and copies of the Announcement on the auction procedures and Terms of Issue for the Stock can be obtained from the Securities Section of the Central Bank of Cyprus.