Asset Purchase Facility: Gilt Sales – Market Notice 19 June 2026

At its September 2025 meeting, the MPC voted to reduce the stock of gilts held in the APF by £70 billion over the period from October 2025 to September 2026, to a total of £488 billion.

The Bank set out in the consolidated APF gilt sales Market Notice published on 1 September 2022 that it would publish a quarterly schedule for the sales of gilts held in the APF for monetary policy purposes. The details and schedule for the Q3 2026 sales of such gilts are set out in this Market Notice, which covers the period from 20 July 2026 to the week commencing 14 September 2026. 

The Bank set out in the 15 December 2023 Market Notice that it would set a schedule of auctions in order to continue to reduce the stock of gilts held in the APF as evenly as possible across maturity sectors, measured in initial proceeds terms. The maturity sectors are defined as gilts with a residual maturity of between: 3-7 years (short), 7-20 years (medium) and over 20 years (long). 

As set out in the 18 September 2025 Market Notice, for the year starting Q4 2025, the Bank will aim to sell fewer long maturity sector gilts than gilts at other maturities, to better reflect demand conditions.

Accordingly, in Q3 2026, the Bank will sell short maturity sector bonds across three auctions of £725 million and medium maturity sector bonds across two auctions of £600 million. Further details are outlined in the table below. Other than as amended in this Market Notice, the detailed operational parameters and participation requirements set out previously will apply to these gilt sales.

The Bank will continue to monitor the impact of its gilt sales programme on market conditions, and reserves the right to amend its schedule, including the gilts to be sold and the size of its auctions, or any other aspect of its approach at its sole discretion.

As this is the final quarter of the period over which the MPC’s £70 billion target set in September 2025 applies, it may be necessary for the Bank to make some adjustment to the sizes of the later auctions to meet the target. If any adjustment is required, the Bank will provide the market with advance notice.

The Bank intends to communicate any future sales schedules for Q4 2026 or beyond following the MPC’s annual review of the reduction in the stock of purchased gilts over the next twelve-month period, which is expected to be announced alongside the MPC meeting on 17 September 2026. 

Table 1: APF gilt sales auction calendar – July to September 2026