An auction was held on 27.8.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £40.000.000 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 £9.137.900. The competitive bids amounted to £7.616.000 and the non-competitive bids to £1.521.900. The total value of bids accepted was £8.037.900. The competitive bids accepted amounted to £6.516.000 while the non-competitive bids accepted amounted to £1.521.900.
The lowest and highest prices of the competitive bids accepted were £98,94 and £100,00 respectively for every £100 nominal value, representing annual yields of 4,49% and 4,25% respectively. In accordance with the published terms of the auction, non-competitive bids amounting to £1.521.900 were accepted at the weighted average price of the accepted competitive bids. This price was £99,00 per £100 nominal value representing an annual yield of 4,48%.