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27 April 2021
SYNDICATED LAUNCH OF £6.0 BILLION OF 1¼% TREASURY GILT 2051: RESULT
The United Kingdom Debt Management Office (DMO) announces that the syndicated launch of £6.0 billion (nominal) of 1¼% Treasury Gilt 2051 has been priced at £98.469 per £100 nominal, equating to a gross redemption yield of 1.3115%. The transaction will settle, and the first tranche of this gilt will be issued, on 28 April 2021.
Proceeds from today’s transaction are expected to amount to approximately £5.9 billion (cash ) and will take long conventional gilt sales in the financial year to-date to £8.9 billion, and total gilt sales to £23.8 billion. The DMO is planning to raise £252.6 billion via gilt sales in 2021-22.
This was the first of five currently planned transactions in the DMO’s 2021-22 syndication programme  (excluding any green gilts that may potentially be issued via this method). The new gilt was priced at a yield spread of 1.50 basis points (bp) above the yield on the reference gilt, 0⅝% Treasury Gilt 2050. This represented the tight end of the published price guidance. The UK domestic market provided the main support for the issue, taking around 89% of the allocation.
NOTES TO EDITORS
The syndicated offer was managed by five Joint Bookrunners: Barclays, Goldman Sachs International, Lloyds Bank Corporate Markets, NatWest Markets and RBC CM. All other wholesale Gilt-edged Market Makers were Co-Lead Managers. The composition of the syndicate was announced by the DMO on 16 April 2021.
 Figures in this Press Notice are in cash terms unless indicated otherwise.
 In the remit revision on 23 April 2021, a previously planned index-linked syndication was cancelled and replaced by an index-linked auction: there are currently three long conventional and two index-linked syndications planned in 2021-22, aiming to raise £16.5 billion and £9.0 billion respectively.