An auction was held on 22.10.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of up to £10.000.000 4,60% Government Registered Development Stock with date of issue 23.10.2003 and maturity in fifteen years.
The total value of the bids submitted was £575.000. The competitive bids amounted to £370.000 and the non-competitive bids to £205.000. The total value of the bids accepted was £475.000. The competitive bids accepted amounted to £270.000 while the non-competitive bids accepted amounted to £205.000.
The lowest and highest prices of the competitive bids accepted were £96,50 and £99,00 respectively for every £100 nominal value, representing annual yields of 4,93% and 4,69% respectively. In accordance with the published terms of the auction non‑competitive bids amounting to £205.000 were accepted at the weighted average price of the accepted competitive bids. This price was £96,87 per £100 nominal value representing an annual yield of 4,90%.