Issue of Debt





The Minster Building

21 Mincing Lane



Tel 020 7862 6500



28 June 2023



Auction Details

Auction Date

Wednesday, 5 July 2023

Issue and Settlement Date

Thursday, 6 July 2023

Bidding Convention

Fully paid Bid Price (see Note 1)

Accrued Interest payable with bid

£0.717213114754 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


3½% Treasury Gilt 2025

Amount (nominal) for auction

£4,000 million (fungible with previous issues) (see Note 3)

Nominal outstanding after auction

£21,016.9 million

Maturity Date

22 October 2025 at par

Interest Payment Dates

22 April and 22 October






No (see Note 4)

Interest Payable

Gross (see Note 2)

Next Interest Payment Date

22 October 2023 (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 Wednesday, 5 July 2023 and not later than 10:00 am on Wednesday, 5 July 2023.

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.


Prospectus for auction of £4,000 million of 3½% Treasury Gilt 2025


DMO : 28 June 2023

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

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


DMO : 14 September 2021


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 2023-24

A table showing the progress of gilt sales in the current financial year is published in the ‘Responsibilities – Financing Remit’ section of the DMO website at: The table is updated after the conclusion of every gilt sales operation.

Category Code: IOD
Sequence Number: 1124100
Time of Receipt (offset from UTC): 20230628T160845+0100


UK Debt Management Office


UK Debt Management Office