News Release
Gilt-Edged Conversion: From 13½% Treasury Stock 2004-2008 into 8½% Treasury Stock 2005
26 September 1996
The final figures for the above conversion offer are that, of the GBP1,250 million of 13 1/2% Treasury Stock 2004-2008 outstanding prior to the offer, GBP1,154,528,537.04 (92.4%) has been converted into 8 1/2% Treasury Stock 2005. The total amount of 8 1/2% Treasury Stock 2005 outstanding following the conversion is GBP10,373,178,412.58. The total amount of 13 1/2% Treasury Stock 2004-2008 outstanding following the conversion is GBP95,471,462.96.
13 1/2% Treasury Stock 2004-2008 is added to the list of stocks for which the Bank will make a bid on request from a Gilt-Edged Market Maker ("GEMM").
Notes to Editors
This Notice gives details of the final amount of 13 1/2% Treasury Stock 2004-2008 converted into 8 1/2% Treasury Stock 2005 as a result of the gilt-edged conversion offer, the terms of which were announced on 27 August 1996.
Provisional figures on the amount of 13 1/2% Treasury Stock 2004-2008 to be converted into 8 1/2% Treasury Stock 2005 were announced on 17 September 1996.
The Operational Notice issued on 14 June 1996 states (in paragraph 50) that the Bank is prepared, when asked by a GEMM, to bid a price of its own choosing for stock where the amount in issue is too small for a two-way market to be expected to exist (eg the rumps of certain stocks which have previously been subject to conversion offers).
