An auction was held on 22.9.2004 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £40.000.000, fifth 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 £85.724.200. The competitive bids amounted to £79.316.800 and the non-competitive bids to £6.407.400. The total value of bids accepted was £39.907.400. The competitive bids accepted amounted to £33.500.000 while the non-competitive bids accepted amounted to £6.407.400.
The lowest and highest prices of the competitive bids accepted were 97,61 and £98,01, respectively, for every £100 nominal value, representing annual yields of 6,34% and 6,24% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £6.407.400 were accepted at the weighted average price of the accepted competitive bids. This price was £97,80 per £100 nominal value representing an annual yield of 6,29%.