An auction was held on 26.6.2003 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 4,25% Government Registered Development Stock with date of issue 23.4.2003 and maturity in five years.
The total value of the bids submitted was £27.630.200; competitive bids amounted to £22.996.800 while non-competitive bids to £4.633.400. All bids were accepted.
The lowest and highest prices of the competitive bids accepted were £99,19 and £99,49 respectively for every £100 nominal value, representing annual yields of 4,44% and 4,37% respectively. In accordance with the published terms of the auction non-competitive bids amounting to £4.633.400 were accepted at the weighted average yield/price of the accepted competitive bids. This price was £99,32 per £100 nominal value representing an annual yield of 4,41%.