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Sale of Government Registered Development Stock by auction. Issue of Second Tranche of of First Series 2005 5,75% 5-year stock

Tuesday, 11 January 2005

The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £60.000.000 5,75% Government Registered Development Stock with date of issue 3rd  January, 2005 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 14th January, 2005.

Government Registered Development Stocks (GRDS) offered by auction are issued in series. For 5-year GRDS, First Series 2005 5,75% GRDS maturing in 2010 is offered, which will be effected in tranches.  

The issue of the First Tranche of First Series 2005 5,75% 5-year GRDS took place on 3rd January, 2005 - being the date of issue of the Series – and the issue of the Second Tranche for up to the amount of £60.000.000, as mentioned above, will be on 20th January, 2005. The auction will take place on 19th January, 2005. Applicants should include in their bid accrued interest from 3rd January, 2005 (being the issue date of the Series). The said accrued interest (£0,26781 per £100 nominal value of stock) less 3% Defence Contribution (£0,00803 per £100 nominal value of stock) which amounts to £0,25978 (payable by Private Individuals and Provident Funds)  should accompany the bid. In the case of other investors the accrued interest (£0,26781 per  £100 nominal value of stock) less 10% Defence Contribution (£0,02678 per  £100 nominal value of stock)  amounting to £0,24103 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 3rd January, 2005 to 3rd July, 2005 shall be payable to the stockholders on 3rd July, 2005.

Bids in the prescribed form for the 5-year stock will be accepted from 17th January, 2005 until 9.00 a.m. of 19th January, 2005. 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.