The office said it received 133 applications ranging between €3,200 and €1.0 million with an average of €52,938.

It was the first auction of the savings bond programme for retail investors that will be held every month. The ministry aims to collect €10 million per month.

The next series of bonds, expiring in 2020, will be issued on July 1 with the auction held between June 2 and 20 2014.

The six-year bonds will bear a 5.75% coupon until maturity but can be redeemable with a lower interest rate starting at 2.75% two years after acquisition.

The minimum subscription for the issue is €1,000.

Source: Cyprus Mail