Asset Purchase Facility: Corporate Bond Purchase Scheme - Market Notice 17 February 2017

The Bank is today announcing changes to the timings of the Corporate Bond Purchase Scheme (CBPS or the Scheme) reverse auction operations.
Published on 17 February 2017

1. The limit on the number of offers that can be made in an operation is also being removed. This Market Notice sets out the details of these changes.

2. From 20 February 2017 the days on which reverse auction operations are held will be changed. The Bank will continue to hold three purchase operations a week. These will take place on Tuesdays, Wednesdays and Thursdays.

3. From 20 February 2017 the timings of the reverse auction operations will be amended as follows:

  • Offers should be submitted using Btender between 11.00 and 11.30
  • Reference gilt yields will be set as the mid-market yields published on the UK Debt Management Office’s wire service pages at 11.45
  • The Bank will reveal to participants in Btender their allocation of offers as soon as possible following 11.45.

4. The limit on the maximum number of offers on a single eligible security within each auction will be removed from 20 February 2017. The Bank will continue to monitor the pattern of offers received from counterparties against each eligible security.

5. Other than as amended by this Market Notice, previous Market Notices relating to the APF Corporate Bond Purchase Scheme will continue to apply.

6. The above changes to the CBPS are made in accordance with the Terms and Conditions and the Bank’s discretions under these.

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