Cyprus raises EUR 165 mln at 4.77% for 5 years

Cyprus raised EUR 165 mln for five years during the auction held on January 14 by the Central Bank of Cyprus on behalf of the Finance Ministry, with the initial offer at EUR 150 mln but at the discretion of the Minister of Finance to increase the offered amount up to an additional EUR100 mln.
The total value of the bids submitted was EUR 177.933.300, well below the double over-subscription seen at the previous week’s auction when for an issue of EUR 150 mln for five years, the government had received bids of EUR 327.24 mln.
The competitive bids amounted to EUR 97.550.000 and the non-competitive bids to EUR 80.383.300. The total value of bids accepted was EUR 165.183.300. The competitive bids accepted amounted to EUR 84.800.000 while the non-competitive bids accepted amounted to EUR 80.383.300.
The lowest and highest prices of the competitive bids accepted were EUR 100.65 and EUR 101.35, respectively, for every EUR 100 nominal value of Government Registered Development Stock representing annual yields of 4.85% and 4.69%, respectively. In accordance with the published terms of the auction, non-competitive bids amounting to EUR 80.383.300 were allotted at the weighted average price of the competitive bids accepted. This price was EUR 100.99 per EUR100 nominal value representing an annual yield of 4.77% compared to 4.7% yield achieved at the previous auction.