LONDON – The UK Debt Management Office (DMO) has announced that it will auction £4 billion of 4¼% Treasury Gilt 2034 on Wednesday 11 December 2024. The gilt, which matures on 31 July 2034, will increase the nominal the outstanding amount after the auction is £30.6 billion.
This upcoming auction is part of the UK Government’s financial operations and the gilts are interchangeable with previous issues. The auction is scheduled to start at 9:00 a.m. and close at 10:00 a.m. London time. After the auction, between 12:30pm and 1:00pm, a post-auction option will be available to purchase an additional amount of gilt up to 25% of the face amount allocated in the auction.
Interested parties may bid on either a competitive or non-competitive basis, and bids will be paid in full at the bid price. The accrued interest payable with the application is set at £2.119669732441 per £100 denomination. The next interest payment date is scheduled for January 31, 2025. with a long first coupon of £2.697115 per £100 denomination.
The gilt in question is non-removable, meaning it cannot be broken down into individual percentages and principal components. The DMO has clarified that the gilt will remain in this format until further notice. The ISIN code for this gilt is GB00BQC82C90 and the SEDOL code is B-QC8-2C9.
Documentation related to the auction, including the prospectus, is available on the Gilt Market Publications DMO webpage. An information memorandum detailing the issue, liquidation and recovery of UK government shares is also available online.
The DMO clarified that bids for this auction cannot be submitted by members of the approved investor group. A table showing the progress of sales of gold-plated products for the current financial year is available on the DMO website and is updated after each sale of gold-plated products.
This news is based on a press release from the UK Debt Management Authority.
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