LONDON - The UK Debt Management Office (DMO) announced it will auction £2.25 billion of 4⅜% Treasury Gilt 2054 on Tuesday, January 7, 2025. This issue is part of the government's financing remit and is fungible with previous issues, bringing the total nominal outstanding after the auction to £26.079 billion.
The auction will open at 9:00 am and close at 10:00 am London time, with a post-auction option facility available between 12:30 pm and 1:00 pm on the same day. This facility may allow for an additional 25% of the nominal amount allocated at the auction, subject to the Information Memorandum provisions.
Interest on the gilt is payable gross, with the next payment due on January 31, 2025. The gilt, which matures on July 31, 2054, cannot currently be stripped and reconstituted.
Prospective bidders can find details of the bidding procedures in the prospectus and the Information Memorandum, with bids accepted via the Bloomberg Bond Auction System. The gilt has an ISIN code of GB00BPSNBB36 and a SEDOL code of B-PSN-BB3.
The DMO has also provided documentation, including the prospectus for the auction and formulae for calculating gilt prices from yields, which are available on the DMO's website.
This auction is part of the UK's broader gilt sales for the financial year 2024-25, with progress updated after each sales operation. The DMO's announcement is based on a press release statement, providing essential information for market participants and investors.
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