The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £50.000.000 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 23rd July, 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 Third Tranche for up to the amount of £50.000.000, as mentioned above, will be on 29th July, 2004. The auction will take place on 28th July, 2004. Applicants should include in their bid accrued interest from 24th June, 2004 (being the issue date of the Series). The said accrued interest (£0,54986 per £100 nominal value of stock) less 3% Defence Contribution (£0,01650 per £100 nominal value of stock) which amounts to £0,53336 (payable by Private Individuals and Provident Funds) should accompany the bid. In the case of other investors the accrued interest (£0,54986 per £100 nominal value of stock) less 10% Defence Contribution (£0,05499 per £100 nominal value of stock) amounting to £0,49487 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 26th July, 2004 until 9.00 a.m. of 28th July, 2004. 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.