News Release
Bank of England Euro Bills and UK Government Euro Treasury Bills: Result of Auction on 10 August 1999
10 August 1999
The Euro Bills on offer have been allotted in full. Details of the result are as follows:
| 1-month UK Government Euro Treasury Bills due 16 September 1999 |
3-month Bank of England Euro Bills due 11 November 1999 |
6-month Bank of England Euro Bills due 10 February 2000 |
|
| ISIN Number | GB0005671309 | XS0097467574 | XS0100750339 |
| Amount of Bills on offer | E 200.0 mn | E 500.0 mn | E 300.0 mn |
| Amount applied for | E 1,038.0 mn | E 1,244.0 mn | E 1,141.0 mn |
| Amount allotted to bidders | E 199.9 mn | E 499.8 mn | E 299.9 mn |
| Lowest yield accepted | 2.349% | 2.450% | 2.550% |
| Highest yield accepted | 2.370% | 2.550% | 2.750% |
| Average yield on Bills allotted to bidders | 2.356% | 2.517% | 2.635% |
| Pro-rata per cent at highest yield accepted | 31.11% | 16.19% | 42.22% |
At each maturity, bids which have been accepted and which were made at yields below the highest accepted yield have been allotted in full at the yields bid. Bids 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 bid for (subject to the rounding adjustments set out on page 5 of the Bank of England Euro Bill Information Memorandum of 6 April 1999 and on page 6 of the Euro Treasury Bill Information Memorandum of 7 July 1998).
As announced in the auction notice dated 3 August 1999 an additional h50 mn of 6-month Bank of England Euro Bills has been allotted directly to the Bank of England. These Bills may be made available through sale and repurchase transactions to the market makers listed in the Bank of England Euro Bill Information Memorandum in order to facilitate settlement.
The Bank's press notice of 6 April 1999 described the process under which the Bank of England would take over from H M Treasury as the issuer of Euro Bills. It stated that monthly auctions would comprise both UK Government Euro Treasury Bills and Bank of England Euro Bills until August 1999, and would be solely of Bank of England Euro Bills from September 1999 onwards. Accordingly, the next auction will be solely of Bank of England Euro Bills and will be held on Tuesday, 14 September 1999. Details of the amounts and maturities of Bills to be offered at that auction will be announced at 2.30 p.m. London time on Tuesday, 7 September 1999.
