Issue of Debt

LONDON--()-- 

 

 

 

 

 

Eastcheap Court

11 Philpot Lane

London

EC3M 8UD

Tel 020 7862 6500

 

 

www.dmo.gov.uk

 

 

26 August 2020

PRESS NOTICE

AUCTION OF BRITISH GOVERNMENT STOCK

Auction Details

Auction Date

Wednesday, 2 September 2020

Issue and Settlement Date

Thursday, 3 September 2020

Bidding Convention

Uniform Price (see Note 1)

Index adjusted accrued interest payable with bid

£0.039049103261 per £100 nominal

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

Title

0⅛% Index-linked Treasury Gilt 2056

Amount (nominal) for auction

£400 million (fungible with previous issues) (see Note 5)

Nominal outstanding after auction

£6,380.3 million (£7,052.7 million Index adjusted)

Maturity Date

22 November 2056

Interest Payment Dates

22 May and 22 November

ISIN Code

GB00BYVP4K94

SEDOL Code

B-YVP-4K9

Reference Index applicable to first issue date

264.88333 (as at 30 November 2016) (see Note 4)

Index Ratio at 3 September 2020

1.10539

Interest Payable

Gross (see Note 2)

Next Interest Payment Date

22 November 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 earlier than 9.00 am on Wednesday, 2 September 2020 and not later than 10.00 am on Wednesday, 2 September 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 22 November 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 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.

Documentation

Prospectus for auction of £400 million of 0⅛% Index-linked Treasury Gilt 2056

DMO : 26 August 2020

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

https://www.dmo.gov.uk/publications/

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

DMO : 31 March 2020

https://www.dmo.gov.uk/media/16368/infmemadd310320.pdf

Formulae for Calculating Gilt Prices from Yields

DMO : 16 March 2005

http://www.dmo.gov.uk/media/1955/yldeqns.pdf

Applications from Members of the Approved Group of Investors

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

Category Code: IOD
Sequence Number: 708675
Time of Receipt (offset from UTC): 20200826T155254+0100

Contacts

UK Debt Management Office

Contacts

UK Debt Management Office