An auction was held on 28.7.2004 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, third 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 £42.427.500. The competitive bids amounted to £38.804.500 and the non-competitive bids to £3.623.000. The total value of bids accepted was £8.616.400. The competitive bids accepted amounted to £4.993.400 while the non-competitive bids accepted amounted to £3.623.000.
The lowest and highest prices of the competitive bids accepted were £96,48 and £98,00, respectively, for every £100 nominal value, representing annual yields of 6,60% and 6,23% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £3.623.000 were accepted at the weighted average price of the accepted competitive bids. This price was £96,71 per £100 nominal value representing an annual yield of £6,54%.