An auction was held on 23.6.2004 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, first tranche issue 5,75% Government Registered Development Stock with date of issue 24.6.2004 and maturity in five years.
The total value of the bids submitted was £45.269.200. The competitive bids amounted to £34.978.200 and the non-competitive bids to £10.291.000. The total value of bids accepted was £45.259.200. The competitive bids accepted amounted to £34.968.200, while the non-competitive bids accepted amounted to £10.291.000.
The lowest and highest prices of the competitive bids accepted were £95,82 and £98,30, respectively, for every £100 nominal value, representing annual yields of 6,75% and 6,15%, respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £10.291.000 were accepted at the weighted average price of the accepted competitive bids. This price was £97,41 per £100 nominal value representing an annual yield of 6,36%.