Issue of Debt

LONDON--(BUSINESS WIRE)-- 

					DMO-TAS041/3557/002
			The Minster Building 21 Mincing Lane London EC3R 7AG		T 020 7862 6500 F 020 7862 6509 www.dmo.gov.uk
A160\25					25 September 2025
PRESS NOTICE
RESULT OF THE SALE BY TENDER OF UP TO £750 MILLION OF 4¾% TREASURY STOCK 2038 The United Kingdom Debt Management Office ("DMO") announces that the tender of up to £750 million of 4¾% Treasury Stock 2038 (ISIN Code: GB00B00NY175) has been allocated as follows: (Note: all prices in this notice are quoted in pounds and pence)
	1.	All bids which have been accepted at the lowest accepted price have been allotted 64.0000% of the amount bid for. Competitive bids made at prices above the lowest accepted price have been allotted in full. Competitive bids made at prices below the lowest accepted price have been rejected.
	2.	The range of bids accepted was as follows:		Price	Yield
		Highest Accepted		£97.849	4.974%
		Average Accepted Price		£97.805	4.978%
		Lowest Accepted		£97.741	4.985%
		Tail*			0.7 bps
	3.	The total amounts allotted and bids received were as follows:
		Amount allotted to competitive bids			£750.000 million
		Residual held by DMO			£0.000 million
		Total			£750.000 million
		Total bids received			£2,462.000 million
		Times covered**			3.28 x
	4.	Stock allotted to members of CREST will be credited to their accounts by member-to-member deliveries on the relevant settlement date.
	5.	The new amount in issue for this Gilt from 26 September 2025 will be £28,205.903 million nominal.
		*Tail is calculated as the yield at the lowest accepted price less the yield at the average accepted price
		(using unrounded yields). This figure is then multiplied by 100 to convert it into basis points.
		**Times covered is rounded to the nearest 2dp.