An auction was held on 2.7.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £35.000.000 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 £7.754.000. The competitive bids amounted to £7.310.000 and the non-competitive bids to £444.000. The total value of bids accepted was £5.719.000. The competitive bids accepted amounted to £5.275.000, while the non-competitive bids accepted amounted to £444.000.
The lowest and highest prices of the competitive bids accepted were £99,14 and £99,50 respectively for every £100 nominal value, representing annual yields of 4,45% and 4,37% respectively. In accordance with the published terms of the auction non-competitive bids amounting to £444.000 were accepted at the weighted average price of the accepted competitive bids. This price was £99,26 per £100 nominal value representing an annual yield of 4,42%.