Issue of Debt

LONDON--(BUSINESS WIRE)-- 

	Minster Court 21 Mincing Lane London EC3R 7AG	T 020 7862 6500     www.dmo.gov.uk       21 June 2022
PRESS NOTICE

SYNDICATED RE-OPENING OF £5.5 BILLION OF 1⅛% TREASURY GILT 2073: RESULT

The United Kingdom Debt Management Office (DMO) announces that the syndicated re-opening of £5.5 billion (nominal) of 1⅛% Treasury Gilt 2073 has been priced at £57.626 per £100 nominal, equating to a gross redemption yield of 2.6358% The transaction will settle, and the second tranche of this gilt will be issued, on 22 June 2022.

Proceeds from today’s transaction are expected to amount to approximately £3.2 billion (cash¹) and will take syndication proceeds this financial year to £7.7 billion. This represents the second transaction of the DMO’s 2022-23 syndication programme, which is planned to raise £21.5 billion (£13.0 billion via issuance of long conventional gilts in three transactions and £8.5 billion via issuance of index-linked gilts in two transactions).

The UK domestic market provided the main support for the issue, taking around 91% of the allocation.

NOTES TO EDITORS

The syndicated offer was managed by five Joint Bookrunners: Lloyds Bank Corporate Markets, Morgan Stanley, NatWest Markets, RBC CM and Santander. All other wholesale Gilt-edged Market Makers were appointed Co-Lead Managers. The composition of the syndicate was announced by the DMO on 10 June 2022.

Proceeds from the transaction amount to approximately £3.2 billion and will take long conventional gilt sales for the financial year to date to £7.1 billion. Total gilt sales for the financial year to date now amount to £28.9 billion, relative to the overall remit target of £131.5 billion.

This press notice will be appearing on the DMO’s website at: www.dmo.gov.uk

¹Figures in this press notice are in cash terms unless indicated otherwise.