News Release
UK Government Euro Treasury Notes: Result of Tender on 20 January 1998

20 January 1998

The tender is oversubscribed. The ECU 500 mn of Notes on offer have been allotted in full.

Details of the results are as follows:

	3 year Notes dated 29 January 1998 and due 29 January 2001
Amount of Notes on offer	ECU 500.0 mns
Amount applied for	ECU 2,897.0 mns
Amount allotted to tenderers	ECU 499.5 mns
		(Clean Price)
Lowest yield accepted	4.3700%	(99.669)
Highest yield accepted	4.3900%	(99.614)
Average yield on Notes allotted	4.3782%	(99.647)
Pro-rata per cent at highest yield accepted	34.32%

The coupon has been set at 4.25%, on the basis of the highest yield accepted as described in the Information Memorandum issued on 13 January 1998. 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 per cent indicated above applied to the nominal amount of Notes tendered for (subject to the rounding adjustment set out on page 7 of the Information Memorandum).

As announced in the tender notice dated 13 January 1998 a further ECU 600 mn of the Notes have been retained by the Bank of England for the account of the Exchange Equalisation Account. ECU&nbsp50; mn of these Notes may be made available through sale and repurchase transactions to the market makers listed in the Information Memorandum. ECU 550 mn of the Notes have been retained with the intention that they may be sold in subsequent tenders; these Notes will not be sold other than by tender.