The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £50.000.000 5,75% Government Registered Development Stock with date of issue 24th June, 2004 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 9th July, 2004.
Government Registered Development Stocks (GRDS) offered by auction are issued in series. For 5-year GRDS, First Series 2004 5,75% GRDS maturing in 2009 is offered, which will be effected in tranches.
The issue of the First Tranche of First Series 2004 5,75% 5-year GRDS took place on 24th June, 2004 - being the date of issue of the Series – and the issue of the Second Tranche for up to the amount of £50.000.000, as mentioned above, will be on 16th July, 2004. The auction will take place on 14th July, 2004. Applicants should include in their bid accrued interest from 24th June, 2004 (being the issue date of the Series). The said accrued interest (£0,34563 per £100 nominal value of stock) less 3% Defence Contribution (£0,01037 per £100 nominal value of stock) which amounts to £0,33526 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,34563 per £100 nominal value of stock) less 10% Defence Contribution (£0,03456 per £100 nominal value of stock) amounting to £0,31107 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 24th June, 2004 to 24th December, 2004 shall be payable to the stockholders on 24th December, 2004.
Bids in the prescribed form for the 5-year stock will be accepted from 12th July, 2004 until 9.00 a.m. of 14th July, 2004. 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.