Issue of Debt

LONDON--(BUSINESS WIRE)--

PRESS NOTICE

RESULT OF THE SALE BY AUCTION OF £2,250 MILLION OF 4¼% TREASURY GILT 2039

The United Kingdom Debt Management Office ("DMO") announces that the auction of £2,250 million of 4¼% Treasury Gilt 2039 has been allocated as follows:

(Note: all prices in this notice are quoted in pounds and pence)

1.	All bids which have been accepted at the lowest accepted price have been allotted approximately 75.5% of the amount bid for. Competitive bids made at prices above the lowest accepted price have been allotted in full. Competitive bids made at prices below the lowest accepted price have been rejected.
2.	The range of bids accepted was as follows:	Price		Yield
	Highest Accepted	£101.54		4.159%
	Non-competitive allotment price (i.e. the rounded average accepted price)	£101.50		4.161%
	Lowest Accepted	£101.47		4.163%
	Tail in basis points			0.2*
3.	The total amounts allotted and bids received were as follows:
	Amount allotted to competitive bids		£2,024.325 million
	Amount allotted to non-competitive bids
	Gilt-edged market makers		£225.000 million
	Others		£0.675 million
	Total		£2,250.000 million
	Total bids received		£3,907.043 million
	Times covered		1.74 times
4.	An additional amount of the Stock totalling up to £225 million will be made available to successful bidders for purchase at the non-competitive allotment price, in accordance with the terms of the Information Memorandum.
5.	Cheques may be presented for payment. Refund cheques, where appropriate, will be sent as soon as possible by post. Stock allotted to members of CREST will be credited to their accounts by member-to-member deliveries on the relevant settlement date if they so requested.
	*Tail is calculated as the yield at the lowest accepted price less the yield at the average accepted price (using unrounded yields). This figure is then multiplied by 100 to convert it into basis points.