11 Philpot Lane
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25 April 2017
AUCTION OF BRITISH GOVERNMENT STOCK
|Auction Date||Thursday, 4 May 2017|
|Issue and Settlement Date||Friday, 5 May 2017|
|Bidding Convention||Fully paid Bid Price (see Note 1)|
|Accrued Interest payable with bid||£0.280571 per £100 nominal|
|Auction Close||10:30am London Time|
|Details of Security|
|Title||1¾% Treasury Gilt 2037|
|Amount (nominal) for auction||£2,000 million (fungible with previous issues) (see Note 4)|
|Nominal outstanding after auction||£7,041.0 million|
|Maturity Date||7 September 2037 at par|
|Interest Dates||7 March – 7 September|
|Strippable||From 5 May 2017 (see Note 2)|
|Interest Payable||Gross (see Note 3)|
|Next Interest Date||7 September 2017 (Standard Coupon)|
Note 1: Bids may be made on either a competitive or a non-competitive basis. Details of the bidding procedures are set out in the prospectus and in the Information Memorandum. Gilt-edged Market Makers may bid by means of the Bloomberg Bond Auction System to the DMO not later than 10.30 am on Thursday, 4 May 2017.
Note 2: Following the issue of this further amount of the Gilt, 1¾% Treasury Gilt 2037 may be stripped and holdings of the Gilt reconstituted: the provisions relating to strips contained in the Information Memorandum will therefore apply. The SEDOL and ISIN codes for the new principal strip are B-Z4T-GS7 and GB00BZ4TGS74 respectively.
Note 3: Holders may elect to have United Kingdom income tax deducted from interest payments, should they so wish, on application to the Registrar, Computershare Investor Services PLC.
Note 4: Subject to the provisions of the Information Memorandum, this auction will be eligible for the Post Auction Option Facility of an additional amount of the Gilt equivalent to 15% of the nominal amount of the Gilt allocated at the auction. Details of the Post Auction Option Facility procedures are set out in the Information Memorandum.
|DMO : 25 April 2017|
|Information Memorandum relating|
|to the Issue, Stripping and|
|Reconstitution of British|
|DMO : January 2017|
Formulae for Calculating Gilt Prices from Yields
DMO : 16 March 2005
Applications from Members of the Approved Group of Investors
Application forms from Approved Group members must be sent to Computershare Investor Services PLC, who is acting on behalf of the DMO, at the following address: British Government Stocks (Gilts), Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol, BS99 6ZW to arrive not later than 10.00 am on Thursday, 4 May 2017. They may also be lodged by hand at the DMO, Eastcheap Court, 11 Philpot Lane, London, EC3M 8UD not later than 10.00 am on Thursday, 4 May 2017.
The amount payable on application in the case of a non-competitive bid made by a member of the Approved Group is £107 per £100 nominal of the Gilt.
Gilt sales of £114.2 billion (cash) are now planned in 2017-18