An auction was held on 25.2.2004 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 4,25% Government Registered Development Stock with date of issue 4.1.2004 and maturity in five years.
The total value of the bids submitted was £20.042.500. The competitive bids amounted to £19.854.500 and the non-competitive bids to £188.000. All bids submitted were accepted.
The lowest and highest prices of the competitive bids accepted were £95,76 and £97,50 respectively for every £100 nominal value, representing annual yields of 5,25% and 4,83% respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £188.000 were accepted at the weighted average price of the accepted competitive bids. This price was £96,36 per £100 nominal value representing an annual yield of 5,10%.