News Release
Gilt-Edged Auctions: January to March 1997
30 December 1996
In the fourth quarter of the current financial year, there will be one dual and two single auctions of gilt-edged stock in the following maturity ranges:
Tuesday, 28 and Thursday, 30 January 1997: a new medium stock in the range 2006 to 2008 inclusive and a short stock in the range 2001 to 2003 inclusive respectively;
Wednesday, 26 February 1997: a long stock in the range 2021 or after;
Wednesday, 26 March 1997: a medium stock in the range 2006 to 2008 inclusive.
Details of the specific stocks, the amounts to be auctioned and the terms of the auctions will be announced at 3.30 pm on Tuesday, 21 January 1997 for the dual auction in January; at 3.30 pm on Tuesday, 18 February 1997 for the February auction; and at 3.30 pm on Tuesday, 18 March 1997 for the March auction.
Details of progress with gilt sales were announced on 17 December 1996. Copies of that announcement are available on request from the Bank of England, as are copies of the record of meetings with gilt-edged market makers and end-investors.
Notes to Editors
The 1996-97 Remit to the Bank of England issued by Her Majesty's Government on 27 March 1996 sets out the gilt issuance programme for the financial year 1996-97.
The Remit provides for conventional gilt auctions to be held on a monthly basis, except in November and December, when there was just one auction, because of the timing of the Budget.
Today's announcement provides details of the auctions to be held in the fourth quarter of the financial year.
The auction in January will be the third dual auction, the first dual auction having been held in July, and the second in October. H M Government's Remit to the Bank for 1996-97 states that the Bank will announce, each quarter, progress to date with gilt sales. This announcement is made ahead of the quarterly meetings and includes all gilt sales up to the end of the previous month plus any further sales announced on the wire services pages in the current month. Details were published on 17 December: this announcement included all gilt sales to the end of November 1996 plus any further sales in December 1996 which had been announced on the Bank's wire services pages.
