News Release
UK Government Euro and ECU Treasury Bills: Result of Tender on 10 November 1998

10 November 1998

The Euro and ECU Bills on offer have been allotted in full.
Details of the result are as follows:

	1-month ECU Bills due 10 December 1998	3-month Euro Bills due 11 February 1999	6-month Euro Bills due 13 May 1999
Amount of Bills on offer	ECU 200.0 mn	Euro 500.0 mn	Euro 300.0 mn
Amount applied for	ECU 1,235.0 mn	Euro 1,610.0 mn	Euro 926.0 mn
Amount allotted to tenderers	ECU 199.9 mn	Euro 499.5 mn	Euro 299.6 mn
Lowest yield accepted	3.74%	3.51%	3.29%
Highest yield accepted	3.75%	3.58%	3.40%
Average yield on Bills allotted to tenderers	3.75%	3.56%	3.35%
Pro-rata per cent at highest yield accepted	54.90%	55.74%	18.73%

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 adjustments set out on page 6 of the Euro Treasury Bill Information Memorandum of 7 July 1998 and page 6 of the ECU Treasury Bill Information Memorandum of 28 March 1989).

As announced in the tender notice dated 3 November 1998 an additional Euro50 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 Euro Treasury Bill Information Memorandum in order to facilitate settlement.

The next tender for UK Government Euro Treasury Bills is to be held on Tuesday, 8 December 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, 1 December 1998.