UK to Hold £1.75 Billion Treasury Gilt Auction Maturing in 2043

The UK’s Debt Management Office (DMO) has announced a forthcoming auction of Treasury Gilts with a nominal value of £1.75 billion, carrying a coupon rate of 4.75% and maturing in October 2043. The auction is scheduled to take place on Thursday, 24 April 2025, with settlement set for the following day. This issuance forms part of the government’s ongoing financing programme.

The gilt, which is due to mature on 22 October 2043, will bring the total outstanding nominal amount of this issue to £32.6275 billion. Interest on the gilt is paid semi-annually, on 22 April and 22 October, with the next payment scheduled for 22 October 2025.

On the day of the auction, investors will be able to submit bids between 10:00 and 11:00 Central European Summer Time (CEST). Both competitive and non-competitive bids will be accepted. Furthermore, a post-auction option facility will be available later the same day, from 13:30 to 14:00 CEST. This facility enables successful bidders to purchase up to an additional 25% of the nominal amount allocated during the main auction.

It is important to note that this particular gilt is not strippable. In other words, it cannot be separated into individual interest and principal components for trading purposes. Additionally, members of the “Approved Group” will not be permitted to submit bids for this auction.

The DMO has made supporting documentation available, including the official prospectus, an information memorandum, and formulas for calculating bond prices from yields.

This issuance aligns with the DMO’s financing remit for the 2025–2026 fiscal year, which is outlined in detail under the “Responsibilities – Financing Remit” section on the DMO’s official website. This section is regularly updated to reflect completed gilt sales and changes to the funding programme.