27th Mar 2025 15:51
The Minster Building 21 Mincing Lane London EC3R 7AG |
Tel 020 7862 6500
www.dmo.gov.uk
27 March 2025 | |
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PRESS NOTICE | ||
AUCTION OF BRITISH GOVERNMENT STOCK
Auction Details | |
Auction Date | Thursday, 3 April 2025 |
Issue and Settlement Date | Friday, 4 April 2025 |
Bidding Convention | Fully paid Bid Price (see Note 1) |
Accrued Interest payable with bid | £0.761395027624 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 | ||
Title | 4⅜% Treasury Gilt 2040 | |
Amount (nominal) for auction | £3,250 million (fungible with previous issues) (see Note 3) | |
Nominal outstanding after auction | £23,000 million | |
Maturity Date | 31 January 2040 at par | |
Interest Payment Dates | 31 January and 31 July | |
ISIN Code | GB00BQC82D08 | |
SEDOL Code | B-QC8-2D0 | |
Strippable | No (see Note 4) | |
Interest Payable | Gross (see Note 2) | |
Next Interest Payment Date | 31 July 2025 (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 Thursday, 3 April 2025 and not later than 10.00 am on Thursday, 3 April 2025.
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.
Documentation | |
Prospectus for auction of £3,250 million of 4⅜% Treasury Gilt 2040
DMO : 27 March 2025 | Available on the DMO’s Gilt Market Publications webpage at: https://www.dmo.gov.uk/publications/ |
Information Memorandum relating to the Issue, Stripping and Reconstitution of British Government Stock
DMO : 28 March 2024 | https://www.dmo.gov.uk/media/qvzhi5wt/infmemadd280324.pdf
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Formulae for Calculating Gilt Prices from Yields
DMO : 18 December 2024 | https://www.dmo.gov.uk/media/334d05fo/yldeqns_v4.pdf |
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 2025-26
The DMO’s remit for 2025-26 was published alongside Spring Statement 2025 on 26 March 2025. Gilt sales of £299.2 billion (cash) are planned in 2025-26 and the structure of the new remit is summarised in the table below.
Planned gilt sales in 2025-26 (£ million) | |||||
| Conventional gilts | Index-linked gilts | Total | ||
Short | Medium | Long | |||
Planned gilt sales at auctions | 110,900 | 73,700 | 26,700 | 20,400 | 231,700 |
Number of auctions scheduled | 24 | 19 | 13 | 16 | 72 |
Planned syndication sales |
| 16,000 | 13,500 | 10,500 | 40,000 |
Unallocated sales |
|
|
|
| 27,500 |
Total planned gilt sales | 110,900 | 89,700 | 40,200 | 30,900 | 299,200 |
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