Issue of Debt

LONDON--(BUSINESS WIRE)-- 

	Minster Court 21 Mincing Lane London EC3R 7AG	T 020 7862 6500     www.dmo.gov.uk       11 June 2024
PRESS NOTICE

SYNDICATED LAUNCH OF £11.0 BILLION OF 4¼% TREASURY GILT 2034: RESULT

The United Kingdom Debt Management Office (DMO) announces that the syndicated launch of £11.0 billion (nominal) of 4¼% Treasury Gilt 2034 has been priced at £99.233 per £100 nominal, equating to a gross redemption yield of 4.3434%. The transaction will settle, and the initial tranche of this gilt will be issued, on 12 June 2024.

Today’s transaction was the second of seven syndications planned in the DMO’s programme for 2024-25. Proceeds from today’s sale are expected to amount to approximately £10.9 billion (cash¹) and will take syndication proceeds for the financial year to date to £17.2 billion.

The UK domestic market provided the main support for the issue, taking around 84% of the allocation.

NOTES TO EDITORS

The syndicated offering was lead managed by six Joint Bookrunners: Barclays, Citi, Deutsche Bank, Lloyds Bank Corporate Markets, NatWest Markets and RBC CM. All other wholesale Gilt-edged Market Makers were appointed Co-Lead Managers. The composition of the syndicate was announced by the DMO on 31 May 2024.

The book closed with 237 allocated orders². The nominal size of the syndication was announced as £11.0 billion at 10.43am and the price was set at 12.42pm.

Proceeds from today’s transaction amount to approximately £10.9 billion and will take medium conventional gilt sales for the financial year to date to £24.6 billion. Total gilt sales for the financial year to date amount to £61.5 billion, relative to the overall remit target of £277.7 billion.

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

² Total orders were £110.0 billion nominal.