11 Philpot Lane
Tel 020 7862 6500
Fax 020 7862 6509
12 June 2018
AUCTION OF BRITISH GOVERNMENT STOCK
|Auction Date||Wednesday, 20 June 2018|
|Issue and Settlement Date||Thursday, 21 June 2018|
|Bidding Convention||Uniform Price (see Note 1)|
|Accrued interest payable with bid||Nil|
|Auction Close||10:30am London Time|
|Details of Security|
|Title||0⅛% Index-linked Treasury Gilt 2028|
|Amount (nominal) for auction||£1,250 million (see Note 5)|
|Nominal outstanding after auction||£1,250 million|
|Maturity Date||10 August 2028|
|Interest Dates||10 February and 10 August|
|Parent ISIN Code||GB00BZ1NTB69|
|Parent SEDOL Code||B-Z1N-TB6|
|Reference Index applicable to first issue date||279.23333 (as at 21 June 2018) (see Note 4)|
|Interest Payable||Gross (see Note 2)|
|Next Interest Date||10 February 2019 (Long First Coupon) (see Note 3)|
|“When Issued” Trading||under London Stock Exchange Rule 1530|
|Commences||3:30pm London Time: 12 June 2018|
|Closes||Close of business: 20 June 2018|
|“When issued” ISIN Code||GB00BZ1NTB69|
|“When issued” SEDOL Code||B-Z1N-TB6|
|TIDM (for trade reporting)||AUC|
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. Index-linked Gilt-edged Market Makers may bid by means of the Bloomberg Bond Auction System to the DMO not later than 10.30 am on Wednesday, 20 June 2018.
Note 2: 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 3: Actual amount of interest per £100 nominal will be (1+(50/181)) x £0.0625 x Index Ratio for 10 February 2019 and expressed as a percentage in pounds sterling to six places of decimals and rounded to the nearest figure.
Note 4: The Reference Index for the first calendar day of any calendar month shall be the Retail Price Index figure for the calendar month falling three calendar months earlier. The Reference Index for any other day in the month shall be calculated by linear interpolation between the Reference Index applicable to the first calendar day of the month in which the day falls and the Reference Index applicable to the first calendar day of the month immediately following. Interpolated values for the Reference Index for any date should be rounded to the nearest 5th decimal place.
Note 5: 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 : 12 June 2018
Information Memorandum relating to the Issue, Stripping and
Reconstitution of British Government Stock
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 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 Wednesday, 20 June 2018. 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 Wednesday, 20 June 2018. The amount payable on application in the case of a non-competitive bid made by a member of the Approved Group is £122.50 per £100 nominal of the Gilt.
Gilt sales of £106 billion (cash) are planned in 2018-19