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 upto £30.000.000 4,25% Government Registered Development Stock with date of issue 28.8.2003 and maturity in five years.
The total value of the bids submitted was £14.478.000. The competitive bids amounted to £9.153.600 and the non-competitive bids to £5.324.400. The total value of bids accepted was £12.460.700. The competitive bids accepted amounted to £7.136.300 while the non-competitive bids accepted amounted to £5.324.400.
The lowest and highest prices of the competitive bids accepted were £98,80 and £99,07 respectively for every £100 nominal value, representing annual yields of 4,53% and 4,46% respectively. In accordance with the published terms of the auction, non‑competitive bids amounting to £5.324.400 were accepted at the weighted average price of the accepted competitive bids. This price was £98,93 per £100 nominal value representing an annual yield of 4,50%.