News Release
UK Government 2.75% 2002 Euro Treasury Notes: Results of Auction on 19 October 1999
19 October 1999
The auction is oversubscribed. The E500 mn of Notes on offer have been allotted in full.
Details of the results are as follows:
| 3 year Notes dated 28 January 1999 and due 28 January 2002 | ||
| ISIN no: XS0094057717 | ||
| Amount of Notes on offer | E 500.0mn | |
| Amount applied for | E1,262.0mn | |
| Amount allotted to bidders | E 499.7mn | |
| (Clean Price) | ||
| Lowest yield accepted | 4.28% | (96.747) |
| Highest yield accepted | 4.33% | (96.643) |
| Average yield on Notes allotted | 4.3048% | (96.695) |
| Pro-rata per cent at highest yield accepted | 16.36% | |
The coupon was set at 2.75%, on the basis of the result of the first auction of Notes of this maturity on 19 January 1999 and as described in the Information Memorandum issued on 12 January 1999.
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 per cent indicated above applied to the nominal amount of Notes bid for (subject to the rounding adjustment set out on page 6 of the Information Memorandum.
The Notes sold at today's auction constitute a further tranche of Notes maturing on 28 January 2002, and will be fully fungible with the E500 million nominal of the same Notes sold by auction on 19 January 1999 and the E500 million nominal sold by auction on 20 April 1999 and the E500 million nominal sold by auction on 20 July 1999. As announced in the auction announcement notice dated 12 October 1999, the Bank of England has added E50 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, bringing the total available for this purpose to E200 million.
