Issue of Debt








Eastcheap Court

11 Philpot Lane



Tel 020 7862 6500



14 July 2020



Auction Details

Auction Date

Tuesday, 21 July 2020

Issue and Settlement Date

Wednesday, 22 July 2020

Bidding Convention

Fully paid Bid Price (see Note 1)

Accrued Interest payable with bid

Nil (see Note 5)

Auction Open

9:00am London Time

Auction Close

10:00am London Time

Post Auction Option Facility Open

12:30pm London Time

Post Auction Option Facility Close

1:00pm London Time

Details of Security


1½% Treasury Gilt 2026

Amount (nominal) for auction

£3,000 million (fungible with previous issues) (see Note 3)

Nominal outstanding after auction

£41,145.7 million

Maturity Date

22 July 2026 at par

Interest Payment Dates

22 January and 22 July






No (see Note 4)

Interest Payable

Gross (see Note 2)

Next Receivable Interest Payment Date

22 January 2021 (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 earlier than 9.00 am on Tuesday, 21 July 2020 and not later than 10.00 am on Tuesday, 21 July 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: 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 25% 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 as supplemented by the prospectus.

Note 4: The Gilt may not be stripped and reconstituted until so specified in a notice issued by the DMO.

Note 5: The settlement date of this auction, 22 July 2020, is an interest payment date in respect of the Gilt; therefore the price payable for the Gilt will not reflect any addition in respect of accrued interest or deduction in respect of rebate interest.


Prospectus for auction of £3,000 million of 1½% Treasury Gilt 2026


DMO : 14 July 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 : 31 March 2020

Formulae for Calculating Gilt Prices from Yields


DMO : 16 March 2005

Applications from Members of the Approved Group of Investors

For this auction applications may not be made by members of the Approved Group.

Gilt sales in 2020-21

The progress of gilt sales in 2020-21 is summarised in the table below (which may not include the amount of gilts issued under the Post Auction Option Facilities for the most recent auctions, if any).

Category Code: IOD
Sequence Number: 704077
Time of Receipt (offset from UTC): 20200714T154204+0100


UK Debt Management Office


UK Debt Management Office