News Release
Gilt-Edged Conversion: From 12% Exchequer Stock 2013-2017 Into 8% Treasury Stock 2015
12 December 1996
The final figures for the above conversion offer are that, of the £1,000 million of 12% Exchequer Stock 2013-2017 outstanding prior to the offer, £942,583,223.13 (94.3%) has been converted into 8% Treasury Stock 2015. The total amount of 8% Treasury Stock 2015 outstanding following the conversion is £13,787,097,390.32. The total amount of 12% Exchequer Stock 2013-2017 outstanding following the conversion is £57,416,776.87.
12% Exchequer Stock 2013-2017 is added to the list of stocks for which the Bank will make a bid on request from a Gilt-Edged Market Maker ("GEMM").
Note to Editors
This Notice gives details of the final 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.
Provisional figures on the amount of 12% Exchequer Stock 2013-2017 to be converted into 8% Treasury Stock 2015 were announced on 3 December 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).
