March 10, 2014 / 9:21 AM / 4 years ago

UPDATE 3-Bank of England refinances US dollar currency reserves

LONDON, March 10 (IFR) - The Bank of England, rated Aa1/AAA/AA+, has sold a new USD2bn 0.875% three-year US dollar bond issue to finance its foreign currency reserves, it said on Monday.

Barclays, Credit Suisse, JP Morgan and RBC priced the bonds at mid-swaps minus 2bp, from guidance at mid-swaps minus 1bp area, which equated to a reoffer yield of 0.883% and a spread of 12.25bp over the current three-year Treasury.

This is the eighth operation under the Bank’s annual programme to finance its foreign currency reserves: previous three-year dollar bonds were issued in March 2007, March 2008, March 2009, March 2010, February 2011, February 2012 and March 2013.

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