11 Philpot Lane
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31 July 2018
AUCTION OF BRITISH GOVERNMENT STOCK
|Auction Date||Wednesday, 8 August 2018|
|Issue and Settlement Date||Thursday, 9 August 2018|
|Bidding Convention||Fully paid Bid Price (see Note 1)|
|Accrued Interest payable with bid||£0.649127 per £100 nominal|
|Auction Close||10:30am London Time|
|Details of Security|
|Title||1⅝% Treasury Gilt 2028|
|Amount (nominal) for auction||£2,500 million (fungible with previous issues) (see Note 3)|
|Nominal outstanding after auction||£13,549.8 million|
|Maturity Date||22 October 2028 at par|
|Interest Dates||22 April – 22 October|
|Strippable||No (see Note 4)|
|Interest Payable||Gross (see Note 2)|
|Next Interest Date||
22 October 2018 - £0.977679 per £100 nominal
(Long First 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 Wednesday, 8 August 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: 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.
Note 4: The Gilt may not be stripped and reconstituted until so specified in a notice issued by the DMO.
DMO : 31 July 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 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 Wednesday, 8 August 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, 8 August 2018.
The amount payable on application in the case of a non-competitive bid made by a member of the Approved Group is £105.50 per £100 nominal of the Gilt.
Gilt sales of £106 billion (cash) are planned in 2018-19