Issue of Debt



Auction Details
Auction Date   Tuesday, 9 December 2014
Issue and Settlement Date Wednesday, 10 December 2014
Bidding Convention Fully paid Bid Price (see Note 1)
Accrued Interest payable with bid £1.602082 per £100 nominal
Auction Close 10:30am London Time
Details of Security
Title   3½% Treasury Gilt 2045
Amount (nominal) for auction £1,750 million (fungible with previous issues) (see Note 4)
Nominal outstanding after auction £11,490.4 million
Maturity Date 22 January 2045 at par
Interest Dates 22 January – 22 July
Parent ISIN Code GB00BN65R313
Parent SEDOL Code B-N65-R31
Strippable No (see Note 2)
Interest Payable Gross (see Note 3)
Next Interest Date 22 January 2015 - £2.011050 per £100 nominal

(Long First Coupon)

“When Issued” Trading   under London Stock Exchange Rule 1530
Commences 3:30pm London Time: 2 December 2014
Closes Close of business: 9 December 2014
“When issued” ISIN Code GB00BQQ1H305
“When issued” SEDOL Code B-QQ1-H30
TIDM (for trade reporting) AUCA

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 Tuesday, 9 December 2014.

Note 2. The Gilt may not be stripped and reconstituted until so specified in a notice issued by the DMO.

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 10% 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 : 2 December 2014

Information Memorandum relating to the Issue, Stripping and Reconstitution of British Government Stock

DMO : August 2013

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 are 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 Tuesday, 9 December 2014. 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 Tuesday, 9 December 2014.

The amount payable on application in the case of a non-competitive bid made by a member of the Approved Group is £126.50 per £100 nominal of the Gilt.

Remit 2014-15

Gilt sales of £127.2 billion (cash) are planned in 2014-15

Short Name: UKDMO
Category Code: IOD
Sequence Number: 443192
Time of Receipt (offset from UTC): 20141202T154539+0000


UK Debt Management Office


UK Debt Management Office