News Release
UK Government 5% 1999 ECU Treasury Notes: Result of Tender on 15 October 1996
15 October 1996
The tender is oversubscribed. The ECU 500 mn of Notes on offer have been allotted in full.
Details of the results are as follows:
| 3 year Notes dated 23 January 1996 and due 26 January 1999 | ||
| Amount of Notes on offer | ECU 500 mn | |
| Amount applied for | ECU 2,890 mn | |
| Amount allotted | ECU 499.3 mn | |
| (Clean Price) | ||
| Lowest yield accepted | 4.3800% | 101.292 |
| Highest yield accepted | 4.3900% | 101.271 |
| Average yield on Notes allotted | 4.3877% | 101.276 |
| Pro-rata per cent at highest yield accepted | 50.33% |
The coupon was set at 5%, on the basis of the result of the first auction of Notes of this maturity on 16 January 1996 and as described in the Information Memorandum issued in January 1996.
Tenders which have been accepted and which were made at yields below the highest accepted yield have been allotted in full at the yields bid. Tenders made at the highest accepted yield have been allotted on the basis of the relevant pro-rata per cent indicated above applied to the nominal amount of Notes tendered for (subject to the rounding adjustment set out on page 5 of the Information Memorandum).
The Notes sold at today's tender constitute a further tranche of Notes maturing on 26 January 1999, and will be fully fungible with the ECU 500 million nominal of the same Notes sold by tender on 16 January 1996, the ECU 500 million nominal sold by tender on 16 April 1996 and the ECU 500 million nominal sold by tender on 16 July 1996. As announced in the tender notice dated 8 October 1996, the Bank of England has added ECU 50 million nominal to its holdings of Notes which may be made available for sale and repurchase operations with the market makers listed in the Information Memorandum, bringing the total available for this purpose to ECU 200 million.
