Information for participants

Further information about our facilities for participants

Further information on Covid Corporate Financing Facility operations

For general information on the Covid Corporate Financing Please, please visit this page. Information on how to take part in the facility can be found on the Information for Applicants page.

Issuer and security eligibility for commercial paper purchases

Information on the eligibility criteria for issuers and securities is available in the CCFF Operating Procedures. Dealers or issuers can confirm the eligibility of securities by submitting the Issuer Eligibility form to CCFF-Applications@bankofengland.co.uk.

Operations

Dealers can offer eligible securities for purchase to the Bank’s Sterling desk from Monday to Friday 10am to 11am. Issuers may use only one dealer each day to offer their commercial paper to the Bank.

Eligibility of a new issuer or commercial paper programme must be confirmed by 16:00, in order to be offered for sale to the Bank on the following business day.

  • Counterparties should submit offers to sell eligible CP to the Fund or requests to repay early by buying back existing CP, using the transaction template provided. Completed templates should be emailed to CCFFTransactions@bankofengland.co.uk (or as advised on the Bank’s wire services page).
 

Pricing

For primary market purchases the Bank will purchase securities at a spread above a reference rate, based on the current sterling overnight index swap (OIS) rate. The respective reference OIS rate will be determined at 09:45 on the day of the operation.

The respective spreads are subject to review, as at 19 May 2020 these are: 

 Rating  Spread to OIS
A1/P1/F1/R1
 20 bps
A2/P2/F2/R2
 40 bps
A3/P3/F3/R3
 60 bps

For secondary market purchases the Bank will purchase CP at the lower of (a) amortised cost from the issue price and (b) the price as given by the method used for primary market purchases as set out above. The Bank will apply an additional fee for use of the secondary facility, payable separately. This fee is currently set at the equivalent of an additional 5bps on the yield on the transaction and will be kept under review.

For re-sale transactions for the purpose of early repayment, the Bank will offer to sell CP at the higher of either (a) the amortised cost from the price at which the Fund purchased the CP, or (b) the current price as given by the method used for primary market purchases of equivalent maturity from the same firm. From 1 July, the Bank will apply an additional fee to be set at 5 basis points and kept under review, which will be deducted from the yield offered in the re-sale transaction before calculating the final price and cash proceeds.

Schedule of operations

The table below outlines when our market operations will normally take place.

We reserve the right to change the dates or frequency of these operations in light of bank holidays or developments in market conditions or for operational reasons.

Operation

Day 

Time

Indexed Long-Term Repos

Tuesday (usually once per month, currently once per week)

10am to 10:30am

Operational Standing Facilities

Monday to Friday (on demand)

Until 6:10pm (6:20pm on the last day of the maintenance period)

Discount Window Facility 

Monday to Friday (on demand)

Participants are advised to contact us by noon if they wish to make a drawing on the same day

84 Day US Dollar Repo 

Wednesday (once per week)

8:15am to 8:45am

7 Day US Dollar Repo

Wednesday (once per week)

8:15am to 8:45am

Liquidity Facility in Euros (LiFE)

Wednesday (once per week)

10am to 10:15am

Covid Corporate Financing Facility (CCFF)

Monday to Friday

Operational period from 10am to 11am

Schedule of Indexed Long-Term Repo operations

Operation date Settlement date Maturity date
06 October 2020 08 October 2020 08 April 2021
13 October 2020 15 October 2020 08 April 2021
20 October 2020 22 October 2020 08 April 2021
27 October 2020 29 October 2020 08 April 2021
03 November 2020 05 November 2020 06 May 2021
10 November 2020 12 November 2020 06 May 2021
17 November 2020 19 November 2020 06 May 2021
24 November 2020 26 November 2020 06 May 2021

Schedule of euro and US dollar repo operations

We keep the frequency and maturity of our euro and US dollar operations under review in light of market conditions. The following tables contain a schedule of the latest operations:

Liquidity Facility in Euros (LiFE) operations

Operation date Term Settlement date Maturity date
04 November 2020 7 days 05 November 2020 12 November 2020
10 November 2020 7 days 12 November 2020 19 November 2020
18 November 2020 8 days 19 November 2020 27 November 2020
25 November 2020 6 days 27 November 2020 03 December 2020
02 December 2020 7 days 03 December 2020 10 December 2020
09 December 2020 7 days 10 December 2020 17 December 2020
16 December 2020 21 days 17 December 2020 07 January 2021
06 January 2021 7 days 07 January 2021 14 January 2021
13 January 2021 7 days 14 January 2021 21 January 2021
20 January 2021 7 days 21 January 2021 28 January 2021
27 January 2021 7 days 28 January 2021 04 February 2021

US dollar operations

Operation date Term Settlement date Maturity date
04 November 2020 7 days 05 November 2020 12 November 2020
04 November 2020 84 days 05 November 2020 28 January 2021
10 November 2020 7 days 12 November 2020 19 November 2020
10 November 2020 84 days 12 November 2020 04 February 2021
18 November 2020 8 days 19 November 2020 27 November 2020
18 November 2020 84 days 19 November 2020 11 February 2021
25 November 2020 6 days 27 November 2020 03 December 2020
25 November 2020 83 days 27 November 2020 18 February 2021
02 December 2020 7 days 03 December 2020 10 December 2020
02 December 2020 84 days 03 December 2020 25 February 2021
09 December 2020 7 days 10 December 2020 17 December 2020
09 December 2020 84 days 10 December 2020 04 March 2021
16 December 2020 21 days 17 December 2020 07 January 2021
16 December 2020 84 days 17 December 2020 11 March 2021
06 January 2021 7 days 07 January 2021 14 January 2021
06 January 2021 84 days 07 January 2021 01 April 2021
13 January 2021 7 days 14 January 2021 21 January 2021
13 January 2021 84 days 14 January 2021 08 April 2021
20 January 2021 7 days 21 January 2021 28 January 2021
20 January 2021 84 days 21 January 2021 15 April 2021
27 January 2021 7 days 28 January 2021 04 February 2021
27 January 2021 84 days 28 January 2021 22 April 2021

Schedule of CTRF Operations

Operation date Term Settlement date Maturity date
28 May 2020 3 month 29 May 2020 28 August 2020
29 May 2020 1 month 01 June 2020 29 June 2020
05 June 2020 1 month 08 June 2020 06 July 2020
12 June 2020 1 month 15 June 2020 13 July 2020
19 June 2020 1 month 22 June 2020 20 July 2020
26 June 2020 1 month 29 June 2020 27 July 2020

Operational Standing Facilities

Our Operational Standing Facilities (OSFs) allow firms to deposit reserves with or borrow reserves directly from us. Currently we apply the following rates to these two facilities:

  • borrowing through OSF lending: 0.35%
  • placing reserves with us through OSF deposits: 0%.

Further information on Asset Purchase Facility operations

Sector share of corporate bond purchases

To make sure purchases are representative of issuance, we allocated each bond that was eligible for purchase to one of nine sectors, using a common sector classification. See the share of our purchases within the sectors.

Issuer and security eligibility for corporate bond purchases

We have published an updated list of the sterling corporate bonds that we will offer to purchase on behalf of the BEAPFF:

If you have any enquiry about eligible bonds, email eligible.securities@bankofengland.co.uk. Requests to consider additional corporate bonds which are not on the list should include the International Securities Identification Number (ISIN), prospectus or offering circular, pricing supplement or final terms and, if relevant, the guarantee.

Counterparties in the Corporate Bond Purchase Scheme must submit to us an indication of the bonds they would like to sell or take a position in (dealer axes). We have a template for providing this information:

You should send your submission to APF_CorporateBond_DealersInfo@bankofengland.co.uk, preferably by close of business on a daily basis, but at least by close of business on the first working day of the week.

Cash transfers between BEAPFF and Her Majesty’s Treasury (HMT)

BEAPFF receives interest on the gilts and corporate bonds it holds, which were purchased using a loan from the Bank. Interest income is used to pay administrative costs, and interest on the loan. The net balance is transferred between BEAPFF and HMT every quarter. More detail about this process can be found in the following document:

Lending of gilts bought in APF Gilt Purchase Operations

We have agreed that we will make a small proportion of the gilts purchased available to the UK Debt Management Office (DMO) for on-lending to the market through the DMO’s normal repo market activity. We issued a joint statement on this in 2009.

How are market operations carried out?

Our electronic tendering system, Btender, is used to carry out auction operations. All counterparties that are eligible to participate and are signed up to our auction operations must use Btender, and take reasonable steps to ensure they are able to access this system across all locations they work from. You will also require access to SWIFTnet.

During the current period of market disruption, we recognise that it may not be possible in all cases for firms to use Btender. Our preference is for use of Btender in all circumstances to minimise operational risk. Where this is not possible, firms may submit proxy bids. Firms wishing to submit proxy bids should first seek approval by e-mailing: Markets-SMDDealers@bankofengland.co.uk with the names, e-mail addresses and direct work extension telephone numbers of all dealers authorised to submit bids on their behalf. 

On each auction day, the authorised dealer should first call +44 (0) 20 3461 5000 to confirm the bid. The authorised dealer should then e-mail: proxybids@bankofengland.co.uk, including the name of the auction in the subject header field when submitting their proxy bid. Before accepting any bids, we reserve the right to take further steps to confirm the eligibility of firms, and verify the identity of submitting dealers. We accept no liability for any delays arising from such checks.  

To contact the Sterling desk, call +44 (0) 20 3461 5000 or email Markets-SMDDealers@bankofengland.co.uk.

SMF Authorised Signatory Evidence Form

As a participant in the Sterling Monetary Framework, you are required to provide an authorised signatory evidence form and documentary evidence to support the authorised signatories. This form must be completed on behalf of your organisation and responsibility is with you, the participant, to keep this up to date, and inform the Bank of any updates or amendments in a timely and efficient manner.

To update your authorised signatory evidence form, complete our pro forma:

Evidence of authority and specimen signatures are required for the individual(s) signing off the form. We encourage you to read our guidance note on supporting evidence:

Please submit the form, and supporting evidence to Applications@bankofengland.co.uk.

Contact details

This page was last updated 29 October 2020

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