News Release
Sale by Auction of £2,000 Million of 7% Treasury Stock 2001
22 October 1996
The Bank of England announces that the auction of £2,000 million of 7% Treasury Stock 2001 has been allotted in full:
(Note: all prices in this notice are quoted in 32nds ('ticks'), ie GBP99-17 is GBP99 17/32).
1 All bids which have been accepted at the lowest accepted price have been allotted approximately 81.5% 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 follows:
| Price | Yield | |
| Highest accepted | GBP99-20 | 7.08% |
| Non-competitive allotment price (ie, the rounded average accepted price) |
GBP99-17 | 7.10% |
| Lowest accepted | GBP99-17 | 7.10% |
3 The total amounts allotted and bids received were as follows:
| Amount allotted to competitive bids | GBP1,835.0 million |
| Amount allotted to non-competitive bids | |
| - Gilt-edged market makers | GBP160.0 million |
| - Others | GBP5.0 million |
| Total | GBP2,000.0 million |
| Total bids received | GBP7,132.7 million |
| Times covered | 3.57 times |
4 Cheques in respect of competitive bids below the lowest accepted price will not be presented for payment. All other cheques will be presented for payment and refund cheques, where appropriate, will be sent as soon as possible by post. Stock allotted to members of the CGO Service will be credited to their accounts by member-to-member deliveries tomorrow if they so requested.
