The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £150.000.000 4,25% Government Registered Development Stock (GRDS) with date of issue 1 February, 2006 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
24 March, 2006.
GRDS issues with five-year duration are effected in tranches. The issue of the First Series 4,25% GRDS (2006-2011) - Second Tranche will take place on 30 March, 2006.
The auction will take place on Tuesday 28 March, 2006. Applicants should include in their bid accrued interest from 1 February, 2006 (the issue date of the Series). The said accrued interest (£0,66370 per £100 nominal value of stock) less 3% Defence Contribution (£0,01991 per £100 nominal value of stock), which amounts to £0,64379 (payable by Private Individuals and Provident Funds), should accompany the bid. In the case of other investors, accrued interest (£0,66370 per £100 nominal value of stock) less 10% Defence Contribution (£0,06637 per £100 nominal value of stock) amounting to £0,59733 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 1 February, 2006 to 1 August, 2006 shall be paid to the stockholders on 1 August, 2006
Bids on the prescribed form for 5-year stock will be accepted from 24 March, 2006 and not later than 9:00 a.m. on 28 March, 2006. Application forms, for the submission of bids, and copies of the Announcement on the auction procedures and Terms of Issue for the Stock can be obtained from the Securities Section of the Central Bank of Cyprus.