Issue of Debt





Eastcheap Court

11 Philpot Lane





Tel 020 7862 6500

Fax 020 7862 6509



25 February 2020




Auction Details

Auction Date

Thursday, 5 March 2020

Issue and Settlement Date

Friday, 6 March 2020

Bidding Convention

Uniform Price (see Note 1)

Index adjusted accrued interest payable with bid

£0.008968149038 per £100 nominal

Auction Close

10:30am London Time

Details of Security


0⅛% Index-Linked Treasury Gilt 2028

Amount (nominal) for auction

£1,100 million (fungible with previous issues) (see Note 5)

Nominal outstanding after auction

£10.794.5 million (£11,276.0 million Index adjusted)

Maturity Date

10 August 2028

Interest Dates

10 February and 10 August





Reference Index applicable to first issue date

279.23333 (as at 21 June 2018) (see Note 4)

Index Ratio at 6 March 2020


Interest Payable

Gross (see Note 2)

Next Interest Date

10 August 2020 (Standard Coupon) (see Note 3)

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 Thursday, 5 March 2020.

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 is £0.0625 x Index Ratio for 10 August 2020 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.


Prospectus for auction of £1,100 million of 0⅛% Index-Linked Treasury Gilt 2028


DMO : 25 February 2020

Available on the DMO’s Gilt Market Publications webpage at:

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 Thursday, 5 March 2020. 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, 5 March 2020. The amount payable on application in the case of a non-competitive bid made by a member of the Approved Group is £134.50 per £100 nominal of the Gilt.

Remit 2019-20

Gilt sales of £136.8 billion (cash) are planned in 2019-20

Short Name: UKDMO
Category Code: IOD
Sequence Number: 692940
Time of Receipt (offset from UTC): 20200225T155500+0000


UK Debt Management Office


UK Debt Management Office