News Release
UK Government 4¼% 2001 Euro Treasury Notes: Result of Tender on 20 October 1998

20 October 1998

The tender is oversubscribed. The Euro 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	Euro 500.0 mn
Amount applied for	Euro 2,246.0 mn
Amount allotted	Euro 499.7 mn
		(Clean Price)
Lowest yield Accepted	3.34%	(101.942)
Highest yield Accepted	3.36%	(101.898)
Average yield on Notes allotted	3.3519%	(101.916)
Pro-rata per cent At highest yield Accepted	84.78%

The coupon was set at 4.25%, on the basis of the result of the first auction of Notes of this maturity on 20 January 1998 and as described in the Information Memorandum issued on 13 January 1998 (as supplemented).

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).

The Notes sold at today's tender constitute a further tranche of Notes maturing on 29 January 2001, and will be fully fungible with the Euro 500 million nominal of the same Notes sold by tender on 20 January 1998, the Euro 500 million nominal sold by tender on 21 April 1998 and the Euro 500 million nominal sold by tender on 21 July 1998. As announced in the tender notice dated 13 October 1998, the Bank of England has added Euro 50 million nominal to its holdings of Notes for the account of the Exchange Equalisation Account, which may be made available for sale and repurchase operations with the market makers listed in the Information Memorandum as supplement), bringing the total available for this purpose to Euro 200 million.