An auction was held on 13.8.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £30.000.000 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 £8.148.600. The competitive bids amounted to £7.568.100 and the non-competitive bids to £580.500. The total value of bids accepted was £3.898.600. The competitive bids accepted amounted to £3.318.100 while the non-competitive bids accepted amounted to £580.500.
The lowest and highest prices of the competitive bids accepted were £99,07 and £99,15 respectively for every £100 nominal value, representing annual yields of 4.47% and 4.45% respectively. In accordance with the published terms of the auction non-competitive bids amounting to £580.500 were accepted at the weighted average price of the accepted competitive bids. This price was £99,08 per £100 nominal value representing an annual yield of 4,47%.