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Sale of GRDS by auction - Issue of Second Tranche of Second Series 2003 4,25% 5-year Stock

Tuesday, 14 October 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 17th October,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 Second  Tranche for up to the amount of £30.000.000, as mentioned above, will be on 23rd October, 2003. The auction will take place on 22nd October, 2003. Applicants should include in their bid accrued interest from 28th August, 2003 (being the issue date of the Series). The said accrued interest (£0,65205 per £100 nominal value of stock) less 3% Defence Contribution (£0,01956 per £100 nominal value of stock)  which amounts to £0,63249 (payable by Private Individuals and Provident Funds)  should accompany the bid. In the case of other investors the accrued interest (£0,65205 per  £100 nominal value of stock) less 10% Defence Contribution (£0,06521 per  £100 nominal value of stock)  amounting to £0,58684 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  20th October, 2003 until 9.00 a.m. of 22nd October, 2003. Only forms designed for the Second 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.