REG-UK Debt Management Office Issue of Debt

LONDON--(Business Wire)--

RESULT OF THE SALE BY AUCTION OF £3,000 MILLION OF 4½% TREASURY GILT 2019

The United Kingdom Debt Management Office ("DMO") announces that the auction of £3,000 million of 4½% Treasury Gilt 2019 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 approximately 2.0% 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 Price Yield
follows:
Highest Accepted £108.92 3.431%

Non-competitive allotment price £108.69 3.457%
(i.e. the rounded average accepted
price)

Lowest Accepted £108.40 3.490%

Tail in basis points 3.3*

3. The total amounts allotted and bids received were as follows:
Amount allotted to competitive bids £2,698.920 million
Amount allotted to non-competitive bids
Gilt-edged market makers £300.800 million
Others £0.280 million
Total £3,000.000 million
Total bids received £5,471.817 million
Times covered 1.82 times

4. Cheques may be presented for payment. Refund cheques, where appropriate, will be sent as soon as possible by post. Stock allotted to members of CREST will be credited to their accounts by member-to-member deliveries on the relevant
settlement date if they so requested.

*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.

UK Debt Management Office

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