News Release
Gilt-Edged Conversion: From 12% Exchequer Stock 2013-2017 Into 8% Treasury Stock 2015
03 December 96
The provisional result of the above conversion offer is that, of the GBP1,000 million of 12% Exchequer Stock 2013-2017 outstanding prior to the offer, acceptances have been received to convert about GBP942 million (94.2%) into 8% Treasury Stock 2015.
The amount of 8% Treasury Stock 2015 outstanding prior to the conversion was GBP12,500 million; the approximate amount outstanding following the conversion will be GBP13,786 million. The approximate amount of 12% Exchequer Stock 2013- 2017 outstanding following the conversion will be GBP58 million.
The final figures will be published on 12 December 1996.
12% Exchequer Stock 2013-2017 will be 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 provisional amount of 12% Exchequer Stock 2013-2017 converted into 8% Treasury Stock 2015 as a result of the gilt-edged conversion offer, the terms of which were announced on 12 November 1996.
The Operational Notice issued by the Bank of England 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).
