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Sale of GRDS by auction - Issue of Fifth Tranche of First Series 2004 5,75% 5-year stock

Friday, 10 September 2004

The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £40.000.000 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 10th September, 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 Fifth Tranche for up to the amount of £40.000.000, as mentioned above, will be on 24th September, 2004. The auction will take place on 22nd September, 2004. Applicants should include in their bid accrued interest from 24th June, 2004 (being the issue date of the Series). The said accrued interest (£1,44536 per £100 nominal value of stock) less 3% Defence Contribution (£0,04336 per £100 nominal value of stock)  which amounts to £1,40200 (payable by Private Individuals and Provident Funds)  should accompany the bid. In the case of other investors the accrued interest (£1,44536 per £100 nominal value of stock) less 10% Defence Contribution (£0,14454 per £100 nominal value of stock) amounting to £1,30082 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 20th September, 2004 until 9.00 a.m. of 22nd September, 2004. Only forms designed for the Fifth 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.