UK GOVERNMENT EURO TREASURY NOTES
For tender on 20 January 1998
1. The Bank of England announces the issue by Her Majesty's Treasury of 500 million
nominal of UK Government Euro Treasury Notes, for tender on a bid-yield basis on Tuesday, 20
January 1998. An additional 1,700 million nominal of Notes will be allotted directly to the Bank of
England for the account of the Exchange Equalisation Account (“EEA”).
2. The 500 million of Notes to be issued by tender will be dated 29 January 1998 and will
mature on 29 January 2001.
3. Notes will bear an annual coupon payable on 29 January, starting on 29 January 2001.
Payment for Notes allotted in the tender will be due on 29 January 1998.
4. All tenders must be made on the printed application forms available on request from the
Bank of England. Completed application forms must be lodged, by hand, at the Bank of England,
Customer Settlement Services, Threadneedle Street, London not later than 10.30 a.m., London time,
on 20 January 1998.
5. Tenders must be made on a yield basis (calculated on the basis of a month of 30 days and a
year of 360 days) rounded to two decimal places. Each application form must state the yield bid and
the amount tendered for.
6. Each tender at each yield must be made on a separate application form for a minimum of
500,000 nominal. Tenders above this minimum must be in multiples of 100,000 nominal.
7. Notification will be despatched on the day of the tender to applicants whose tenders have
been accepted in whole or in part. For applicants who have requested credit of Notes in global form to
their account with Euroclear or Cedel Bank, Notes will be credited in the relevant system against
payment. For applicants who have requested definitive Notes, Notes will be available for collection at
Customer Settlement Services at the Bank of England after 1.30 p.m. on 29 January 1998 provided
cleared funds have been credited to the Bank of England's ECU Treasury Notes Account No.
59045828 with Lloyds Bank PLC, Bank Relations, St George’s House, PO Box 787, 6-8 Eastcheap,
London EC3M 1LL and provided that the Bank of England has received satisfactory evidence of
entitlement to collection. Definitive Notes will be available in amounts of 1,000, 10,000,
100,000 and 1,000,000 nominal. If any applicant whose tender is accepted has requested
definitive Notes, other applicants whose tender has been accepted and who requested Notes in global
form may nevertheless be required to accept definitive Notes under the rules and procedures of
Euroclear and/or Cedel Bank. In such event, such definitive Notes will be held by the Bank of
England as the specialised depository for Euroclear and/or Cedel Bank, in such denominations as the
Bank of England may determine, for such applicants who requested Notes in global form.
8. Her Majesty's Treasury reserves the right to reject any or part of any tender.
9. The arrangements for the tender are set out in more detail in the Information Memorandum
on the UK Government Euro Treasury Note programme issued by the Bank of England on behalf of
Her Majesty's Treasury on 13 January 1998 (the “Information Memorandum”). This tender will be
subject to the provisions of the Information Memorandum and to the provisions of this notice.
10. The 1,700 million nominal of Notes to be allotted directly to the Bank of England for the
account of the EEA will be dated 29 January 1998 and will mature on 29 January 2001. 50 million
nominal of these Notes will be retained by the Bank of England for the account of the EEA and may
be made available for sale and repurchase operations with the market makers listed in the Information
Memorandum. 1,650 million nominal of these Notes will be held by the Bank of England for the
account of the EEA with the intention that they will be sold in subsequent tenders or may be made
available for sale and repurchase operations with the market makers listed in the Information
Memorandum; these Notes will not be sold other than by tender.
11. Copies of the Information Memorandum may be obtained at the Bank of England. UK
Government Euro Treasury Notes are issued under the National Loans Act 1968.
Bank of England
13 January 1998