News Release
UK Government ECU Treasury Bills: Result of Tender on 9 June 1998
09 June 1998
The ECU 1,000 mn of Bills on offer have been allotted in full.
Details of the result are as follows:
| 1-month Bills due16 July 1998 | 3-month Bills due10 September 1998 | 6-month Bills due 10 December 1998 | |
| Amount of Bills on offer | ECU 200.0mn | ECU 500.0 mn | ECU 300.0 mn |
| Amount applied for | ECU 1,145.0 mn | ECU 1,775.0 mn | ECU 1,015.0 mn |
| Amount allotted to tenderers | ECU 199.6 mn | ECU 500.0 mn | ECU 299.7 mn |
| Lowest yield accepted | 4.01% | 3.98% | 4.00% |
| Highest yield accepted | 4.03% | 4.00% | 4.03% |
| Average yield onBills allotted to tenderers | 4.02% | 3.99% | 4.02% |
| Pro-rata per centat highest yield accepted | 51.61% | 97.50% | 61.54% |
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 2 June 1998 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, 14 July 1998. 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, 7 July 1998.
