The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £80.000.000 5,75% Government Registered Development Stock with date of issue 3rd January, 2005 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 11th February, 2005.
Government Registered Development Stocks (GRDS) offered by auction are issued in series. For 5-year GRDS, First Series 2005 5,75% GRDS maturing in 2010 is offered, which will be effected in tranches. On 28th February 2005, the Third Tranche will be offered.
The auction will take place on Thursday 24th February, 2005. Applicants should include in their bid accrued interest from 3rd January, 2005 (the issue date of the Series). The said accrued interest (£0,88219 per £100 nominal value of stock) less 3% Defence Contribution (£0,02647 per £100 nominal value of stock) which amounts to £0,85572 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,88219 per £100 nominal value of stock) less 10% Defence Contribution (£0,08822 per £100 nominal value of stock) amounting to £0,79397 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 3rd January, 2005 to 3rd July, 2005 shall be payable to the stockholders on 3rd July, 2005.
Bids on the prescribed form for the 5-year stock will be accepted from 22nd February, 2005 until 9.00 a.m. of 24th February, 2005. Only forms designed for the Third 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.