News Release
Sale by Auction of £2,000 Million of 6½% Treasury Stock 2003
10 December 1997
The Bank of England announces that the auction of £2,000 million of 61/2% Treasury Stock 2003 has been allotted in full:
(Note: all prices in this notice are quoted in 32nds ('ticks'), i.e. £99-23 is £99 23/32)
- All bids which have been accepted at the lowest accepted price have been allotted approximately 44.5% 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.
- The range of bids accepted was as follows:
Price Yield Highest accepted £100-01 6.49% Non-competitive allotment price
(ie the rounded average accepted price)£99-27 6.53% Lowest accepted £99-23 6.55%
- The total amounts allotted and bids received were as follows:
Amount allotted to competitive bids £1,857.4 million Amount allotted to non-competitive bids - Gilt-edged market makers £140.0 million - Others £2.6 million £2,000.0 million Total bids received £3,546.6 million Times covered 1.77 times
- Cheques will be presented for payment. 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.
