News Release
UK Government ECU Treasury Bills: Result of Tender on 11 November 1997

11 November 1997

The ECU 1,000 mn of Bills on offer have been allotted in full.
Details of the result are as follows:

	1-month Bills due 11 December 1997	3-month Bills due 12 February 1998	6-month Bills due 14 May 1998
Amount of Bills on offer	ECU 200.0 mn	ECU 500.0 mn	ECU 300.0 mn
Amount applied for	ECU 815.0 mn	ECU 1,995.3 mn	ECU 1,050.5 mn
Amount allotted to tenderers	ECU 199.8 mn	ECU 500.0 mn	ECU 299.3 mn
Lowest yield accepted	4.37%	4.39%	4.45%
Highest yield accepted	4.39%	4.40%	4.52%
Average yield on Bills allotted to tenderers	4.39%	4.40%	4.51%
Pro-rata per cent at highest yield accepted	66.67%	100.00%	96.76%

At each maturity, 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 percentage indicated above applied to the nominal amount of Bills tendered for (subject to the rounding adjustment set out on page 6 of the Information Memorandum of 28 March 1989).

As announced in the tender notice dated 4 November 1997 an additional ECU 50 mn of 6-month Bills has been allotted directly to the Bank of England for the account of the Exchange Equalisation Account. These Bills may be made available through sale and repurchase transactions to the market makers listed in the Information Memorandum (as supplemented) in order to facilitate settlement.

The next tender for UK Government ECU Treasury Bills is to be held on Tuesday, 9 December 1997. Details of the amounts and maturities of Bills to be offered at that tender will be announced at 2.30 pm London time on Tuesday, 2 December 1997.