Cyprus raises EUR150 mln for five years at 4.7% yield

After an absence of two years from local capital markets, the Republic of Cyprus raised EUR 150 mln through the sale of 5% government bonds, with date of issue 9.1.2009 and maturity in five years at an average yield of 4.7%.
The total value of the bids submitted during the auction held by the Central Bank of Cyprus on January 7 was EUR 327.243.100. The competitive bids amounted to EUR 186.603.000 and the non-competitive bids to EUR 140.640.100. The total value of bids accepted was EUR 150 mln. The competitive bids accepted amounted to EUR 95 mln while the non-competitive bids accepted amounted to EUR 55mln.
The lowest and highest prices of the competitive bids accepted were EUR 101,10 and EUR 102,00, respectively, for every EUR 100 nominal value of Government Registered Development Stock, representing annual yields of 4.75% and 4.54%, respectively. In accordance with the published terms of the auction, non-competitive bids amounting to EUR 55.000.000 were allotted at the weighted average price of the competitive bids accepted. This price was EUR 101,33 per EUR 100 nominal value representing an annual yield of 4.7%.