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Sale of Government Registered Development Stock by auction. Issue of 3rd Tranche of 2nd Series 2003 4,25% 5-year stock

Thursday, 13 November 2003

The Central Bank of Cyprus announces the offer by auction on a bid-price basis of up to £30.000.000 4,25% Government Registered Development Stock with date of issue 28th  August, 2003 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 Friday 14th November, 2003.

Government Registered Development Stocks (GRDS) offered by auction are issued in series. For 5-year GRDS, Second Series 2003 4,25% GRDS maturing in 2008 is offered, which will be effected in tranches.

The issue of the First Tranche of Second Series 2003 4,25% 5-year GRDS took place on 28th August, 2003 - being the date of issue of the Series – and the issue of the Third Tranche for up to the amount of £30.000.000, as mentioned above, will be on 20th November, 2003. The auction will take place on 19th November, 2003. Applicants should include in their bid accrued interest from 28th August, 2003 (being the issue date of the Series). The said accrued interest (£0,97808 per £100 nominal value of stock) less 3% Defence Contribution (£0,02934 per £100 nominal value of stock) which amounts to £0,94874 (payable by Private Individuals and Provident Funds)  should accompany the bid. In the case of other investors the accrued interest (£0,97808 per  £100 nominal value of stock) less 10% Defence Contribution (£0,09781 per  £100 nominal value of stock)  amounting to £0,88027 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 28th August, 2003 to 28th February, 2004 shall be payable to the    stockholders   on   28th February, 2004.

Bids   in  the  prescribed  form  for  the  5-year  stock  will  be  accepted  from  17th November, 2003 until 9.00 a.m. of 19th November, 2003. Only forms designed for the Third Tranche Issue should be used. Application forms for the submission of bids and copies of the Announcement on the auction procedures and Terms of Issue for 5‑year GRDS can be obtained from the Securities Section of the Central Bank of Cyprus.