Conventional Gilts, ≥1946

Short name: since at least the early 1990s gilts have been known by an abbreviation, coupon then two-digit year, with coupon fractions represented by upper-case letters: Q=¼ (Quarter), H=½ (Half), and T=¾ (Three quarters). Hence 12Q92 was 12¼% of 1992. Effective April 2017 the rounding of coupons was changed from 25bp to integer multiples of 12½bp: the letter abbreviations for the eighths fractions being E=⅛ (one Eighth), R=⅜ (thʀee eighths), F=⅝ (Five eighths), and S=⅞ (Seven eighths). For the multiples of a quarter, pronunciation is as follows: 4%60 = ‘fours sixty’; 4Q55 = ‘four cues fifty-five’; 3H68 = ‘three and a halves sixty-eight’ or ‘three halves sixty-eight’; and 1T57 = ‘one threes fifty-seven’. The abbreviation of callable gilts was longer, including both the year of first-possible call and the year of final maturity: e.g., 5H0812 was 5½% of 2008–12; typically only the years being pronounced: ‘oh eight twelves’. This construction of short names has been assumed for older gilts, with variations for the 6H76s.

The DMO’s policy is that coupon-year be unique, as was made apparent by note 2 of the announcement on 06 March 2007 of the creation of 5Q12 (mentioning the pre-existence of 5%12):

The terms of the DMO’s financing remit set by HM Treasury state that the coupon for a new gilt will be set as far as possible to price it close to par at the time of issue. For new conventional gilts coupons are set in multiples of ¼%. On the basis of current yields, the multiple of ¼% that would most precisely meet this criterion is 5%. However, setting the coupon at this level would result in two bonds maturing in the same year with the same coupon …. In order to avoid any potential market confusion between the two bonds, the DMO has decided to set the coupon at the multiple of ¼% that is next closest to prevailing market yields, i.e. 5¼%. The DMO will be gathering views in the forthcoming year regarding options for handling any similar situation in the future.

Contrast to the US, in which even coupon and month and year does not always uniquely identify a Treasury: e.g., there is a 1⅝% 15Aug2022 and a 1⅝% 31Aug2022 (I think bad policy); and other pairs. Indeed, there were seventeen different US Treasuries maturing in 2015 that had a coupon of 0¼%; and eleven with a coupon of 1⅜% matured in 2020. In Germany there is a 1½% 15Feb2023 and a 1½% 15May2023; in France there is a 0¾% 25May2028 and a 0¾% 25Nov2028; in Italy a 0.95% 01Mar2023 and a 0.95% 15Mar2023; and in Spain a 1.4% 30Apr2028 and a 1.4% 30July2028. But in gilts coupon-year has been unique since summer 1976. (Month-year-type likely to be unique ≥2009, but there have been exceptions: 15Q96 and 13Q96 both matured in May 1996; 7%02 and 9H02 both matured in June 2002; and 13H0408 and 5%08 both had a final maturity in March 2008, though the former was called before. Also there might eventually be an ILG maturing 22^nd of the same March as a conventional maturing on the 7^th, though probably with different coupons.)

Until 1995 re-openings were done in the form of a ‘tranche’, issued with zero accrued and an odd next coupon. On the ex-dividend date of that next coupon the tranche would merge into the ‘parent’ stock. These tranches were labelled with letters: e.g., the Oct-1995 re-opening of 8%15 was “8%15A”.

In each table the links in the left-most column are self-links, linking to that row of the table.

Coupon: from WW2 until April 2017 the coupons of conventional gilts were integer multiples of ¼%. Even large coupons were rounded to 25 basis points: e.g., 15Q96 and 8T17.

However, as reported in the Minutes of the quarterly consultation meetings with GEMMs and end-investors on 28 November 2016 (§C), “The DMO reported that, from the start of the 2017-18 financial year, it will set coupons on new conventional gilts in increments of ⅛%, in line with the practice on index-linked gilts”. This was echoed in the Spring Budget 2017: DMO Financing Remit 2017-18, ¶8: “From 2017-18 the DMO will set coupons on new conventional gilts in increments of ⅛%.” Why? Perhaps with yields generally lower, it becomes more likely that a new 5-year would have a yield near the coupon of an old 10-year. Finer rounding would halve the likelihood of such a collision. (But it’s peculiar that there isn’t a statement about collision policy other than the note 2 of the announcement on 06 March 2007 of the creation of 5Q12.)

Coupons are always strictly positive, so ≥0⅛%.

Formal name: gilts used to be issued with a variety of names, often “Treasury” or “Exchequer” or “Funding”, often followed by “Stock” or “Loan”, but sometimes with a more peculiar name. The only material difference was that Loans could be held in bearer form. Anyway, the name did not affect the credit, nor the perception of credit, and was generally ignored. From 1994 (after the issuance of 7%97), until 2005, new conventional gilts were named “Treasury Stock”. Then on 13 May 2005 the DMO announced that “British Government Stocks first issued on or after 1 April 2005 will be titled as Gilts (i.e. Treasury Gilt). The change of name is presentational only and does not represent any change to the underlying characteristics of the instrument.” The last issued of the Treasury Stocks was 4T20; the first of the Treasury Gilts was 4Q55. But, for emphasis, the name really doesn’t matter, and most gilt investors would not know the name of a gilt that wasn’t recently issued—because there is no purpose to knowing the name.

The word “Convertible” in the name of a gilt indicates that it had an embedded option allowing the holder to choose to convert it to some fixed quantity of another gilt, typically longer. The table on the right shows the dates and ratios for the conversion of 10H92 into 9T03: it was typical for dates to be half-yearly, with the ratio worsening linearly. If the destination stock did not exist prior to such a conversion, as was often true, its name would include the word “Conversion”. However, the word “conversion” also had another meaning: the authorities have, from time to time, offered to exchange (to ‘convert’) one gilt into another, either at a fixed price, or by a switch auction (Consultation Paper on Gilt Switch Auctions of July 1999; Response of Sep 1999). For example such conversions were used to enlarge strippable gilts, the source often being old high-coupon double-dated non-strippables.

Maturity: some older gilts have a mis-match between the name and the available record of maturity date. These were all double-dated, so the recorded maturity date might have been the result of being called. There are four coupon series, coloured in the table: 07 June/Dec (strippable since 8 Dec 1997—announcement, official guide); 07 Mar/Sep (since 2 Apr 2002); 22 Jan/July (not strippable); and 22 Apr/Oct (not strippable). In early 2020 there were also created gilt maturing near the end of January, on the 30^th (0E26) and 31^st (0E23, 0E28). The last non-standard-date conventional gilt to be issued was 7%97 (and immediately prior to that 6Q10); the last to mature was 8T17.

First settle date: the links are to the prospectuses on the DMO website. The most recently issued gilt missing its prospectus is the last convertible to be issued, 7%97, for which the screen announcement is quoted. If you have the prospectus for 7%97 (or any others), please upload or send to the author. Prospectuses issued after May 1985 (so starting with 10%04) refer to the statement issued by Her Majesty’s Treasury on 29 May 1985. Some prospectuses mentioned the Stock Transfer Act 1963; and some later prospectuses mentioned the Stock Transfer Act 1982 (which allowed “Transfer of certain securities through a computerised system”!).

It used to be that prospectuses were also published in the newspapers, and some from The Times are quoted. Publication in the press stopped in August 2003 (announcement, letter).

First coupon date. The DMO’s current policy, albeit not documented, is for the first coupon period to be at least 60 days: if a short first coupon would be ≤59 days, the first coupon period is long. The most recent conventional exceptions are 5%14 (issued July 2002, short, 44 days), and 8H05 (issued Sep 1994, long, if short would have been 69 days). The only ILG exception is 55s (issued Sep 2005, if short would have been 60 days).

First coupon amount: the formula by which a first coupon was computed changed in November 1998 (¶29), between the issues of 6%28 and 5T09, at the same time as the change in accrual from Act/365 to Act/Act. Also it seems that in early 1978 the rounding changed from two decimal places to four; and it might be that earlier that decade decimalisation had changed the rounding from 1d to 1p.

Some ancient first coupons had another complication. Gilts were sometimes issued ‘partly paid’: that is, a further payment was due. The last instance of this was 7%01A, announced 15 Feb 1994, settled 24 Feb 1994, at the auction price of ≥£522⁄32, with a further £50 payable on 04 Apr 1994. The most recent new (non-re-opening) gilt to be partly paid was 6Q10: on 27 Jan 1994 the price bid at auction, (≥£4815⁄32); and on 14 Mar 1994 another £50. Some issues had three payments, most recently 7Q98B, on 11 Apr 1993 ≥£2116⁄32; on 16 Aug 1993 £35; and on 13 Sep 1993 £478⁄32. (The most recent four-payment issue was in Apr 1937; the most recent five-payment was in Dec 1935.) A partly-paid gilt accrued proportionately more slowly than a fully-paid gilt, commensurately affecting the first coupon. E.g., the unrounded first coupon on 6Q10 was 6.25 × ( (£100−£50)/£100 × (14Mar1994−27Jan1994) + 1 × (25May1994−14Mar1994) ) / 365 = 6.25×(0.5×46 + 1×72)/365 ≈ 1.6267123, rounded to exactly £1.6268. Some earlier partly-paids, such as 9%08, worked in the reverse order: the last part payment was “Balance of purchase money”, which would have delayed fungibility. (I don’t know when the BoE realised this and switched to having the ‘balance’ as the first payment, but beween 9%08 in Feb 1987 and 8T17 in April 1992.)

ISIN: securities listed on the London Stock Exchange were (and still are) assigned a Sᴇᴅᴏʟ, an acronym for Stock Exchange Daily Official List. From this can be derived an ISIN by: removing the hyphens; prefixing with “GB00”; and postfixing with the ISIN checksum. So Sᴇᴅᴏʟ=“0-905-042” ⇔ ISIN=“GB0009050427”. For older gilts, for which a Sᴇᴅᴏʟ was known but not an ISIN (ISINs started in 1981), the ISINs in the table have been derived from the Sᴇᴅᴏʟs. Most Sᴇᴅᴏʟs, and hence ISINs, seem to have been unique, known exceptions being 10H97=6T71A, and the re-use of the Sᴇᴅᴏʟs of 6T73 and 6Q72 for equities.

The Gilts (⇑ Top ⇑, ↓ to Coupon Strips ↓)

Short Name	Cpn	Maturity (First call date)	First settle date	First coupon date	First cpn amount	Orig. term	Formal name	(Implied) ISIN, FIGI	P.O. Strip: ISIN, FIGI	Notes
1E73	1.125	22 Oct 2073	09 Feb 2022	22 Apr 2022	0.222527	51.70	1⅛% Treasury Gilt 2073	GB00BLBDX619 BBG0151HW5Z3	◊	0E73 is the longest conventional gilt, the previous longest having been 1F71. When the maturity was announced, on 25 Jan 2022, the coupon-adjusted maturity (see pop-up title in 1F71) of the 1F71 was 48.03 years. So this new ’73 gilt was then about 3.7 years longer than the Oct 2071.
1F71	1.625	22 Oct 2071	16 May 2018	22 Oct 2018	0.705943	53.43	1⅝% Treasury Gilt 2071	GB00BFMCN652 BBG00KTFMWZ7	◊	The minutes of the DMO Consultation Meetings on 19 March 2018 said “within the range of 2070-2074, but with a slight preference towards the 2071-2073 area”. The quarterly calendar released 23 March 2018 (discussed in 28s) specified a “new long conventional gilt maturing in the period 2070 to 2073”. And at issue 1F71 was, in a coupon-adjusted sense, about 7.8 years longer than the 3H68. 1F71 was the second conventional gilt, after 1F28, to have a coupon not a multiple of a quarter percent. 1F71 was longest conventional gilt from issue until Feb 2022 when 0E73 was issued, the previous longest having been 3H68.
3H68	3.500	22 July 2068	26 June 2013	22 Jan 2014	2.001381	55.07	3½% Treasury Gilt 2068	GB00BBJNQY21 BBG004P3X2V2	◊	Re choice of maturity, there was a consultation. JDAW’s reply (Super-longs: an early response, which referred to Please, only one more long) said: not perpetual; at least a decade longer than 4%60 so ≥2070; ≤2211; and semi-strippable. The DMO’s response mentioned “potential demand for super-long gilts would be mostly for maturities out to 60 years”, and that the “risk of fragmenting ultra-long supply and liquidity was highlighted by a number of respondents to the consultation”. (Indeed, so why only 55 years? And why, 2⅓ years later, the ‘fragmentation’ of the very similar 2H65, which was only slightly shorter and slightly lower coupon?) The announcement of the syndication result said “This is the longest maturity gilt to be issued by the UK Government since 1937”, with a footnote adding “£69.8 million (nominal) of 3% Redemption 1986-96 was issued on 17 August 1937” (4Q55 < 3H68 < 3%8696). And 3H68 was longest conventional gilt from issue until May 2018 when 1F71 was issued, the previous longest having been 4%60.
2H65	2.500	22 July 2065	21 Oct 2015	22 Jan 2016	0.631793	49.75	2½% Treasury Gilt 2065	GB00BYYMZX75 BBG00B631MJ2	◊	2H65 has greater duration than 3H68 (yield≥0 ⟹ until at least 2023), though smaller ‘tenure’ = Macaulay-Weil convexity ÷ Macaulay-Weil duration, which is the natural measure for the time-length of a bond.
4%63	4.000	22 Oct 2063	17 May 2023	22 Oct 2023	1.726776	40.43	4% Treasury Gilt 2063	GB00BMF9LF76 BBG01G6SV4H4	◊
0H61	0.500	22 Oct 2061	20 May 2020	22 Oct 2020	0.211749	41.42	0½% Treasury Gilt 2061	GB00BMBL1D50 BBG00TSXQSV9	◊	0H61 has greater duration than 2H65 (yield≥0 ⟹ until at least July 2040). The reopening on 8 Mar 2023 was at a price of £33.234, the lowest post-WW2 sale price of any gilt (yield ≈ 3.821%).
4%60	4.000	22 Jan 2060	22 Oct 2009	22 Jan 2010	1	50.25	4% Treasury Gilt 2060	GB00B54QLM75 BBG0000DN950	◊	Press release 2 Oct 2009: “The new 2060 maturity conventional gilt to be sold at the next syndicated offering will be the first gilt to be issued on a new coupon series of 22 January/22July.” (11T0307, 12%9902, 13Q97, 14%96, 12T92, and 13Q87 having matured.) 4%60 was longest conventional gilt from issue until Jun 2013 when 3H68 was issued, the previous longest having been 4Q55.
1T57	1.750	22 July 2057	25 Jan 2017	22 July 2017	0.860497	40.49	1¾% Treasury Gilt 2057	GB00BD0XH204 BBG00FQGQBM5	◊
4Q55	4.250	07 Dec 2055	27 May 2005	07 Dec 2005	2.253434	50.53	4¼% Treasury Gilt 2055	GB00B06YGN05 BBG0000B53Q4	GB00B0BDTV10 BBG0000BSR59	Re choice of maturity, see consultation, JDAW’s response, and the DMO’s response. 4Q55 was the first to be issued of the Treasury Gilts, the previous decade of new issues, ending with 4T20, having been Treasury Stocks. 4Q55 was longest conventional gilt from issue until Oct 2009 when 4%60 was issued, the previous longest having been 4T38. It is still the longest strippable gilt, and hence the longest of the gilts paying on 07June/Dec.
1F54	1.625	22 Oct 2054	15 May 2019	22 Oct 2019	0.710383	35.44	1⅝% Treasury Gilt 2054	GB00BJLR0J16 BBG00P35L559	◊	The previous new gilt, 1T49, was issued 245 days before, the largest gap between new gilts since June 2002 when 5%08 was issued 272 days after 5%25.
4R54	4.375	31 July 2054	24 Jan 2024	31 July 2024	2.27072	30.52	4⅜% Treasury Gilt 2054	GB00BPSNBB36 BBG01KYBYP36	◊
3T53	3.750	22 Oct 2053	25 Jan 2023	22 Apr 2023	0.896291	30.74	3¾% Treasury Gilt 2053	GB00BPCJD997 BBG01C9QT7M4	◊
1H53	1.500	31 July 2053	22 Oct 2021	31 Jan 2022	0.411685	31.78	1½% Green Gilt 2053	GB00BM8Z2V59 BBG012SDG1Q7	◊
3T52	3.750	22 July 2052	28 Sep 2011	22 Jan 2012	1.182065	40.82	3¾% Treasury Gilt 2052	GB00B6RNH572 BBG0024CKPC3	◊
1Q51	1.250	31 July 2051	28 Apr 2021	31 July 2021	0.324586	30.26	1¼% Treasury Gilt 2051	GB00BLH38158 BBG0104LS863	◊
0F50	0.625	22 Oct 2050	10 June 2020	22 Oct 2020	0.228825	30.37	0⅝% Treasury Gilt 2050	GB00BMBL1F74 BBG00V5L55N7	◊	With yield≥0, the 0F50 will have a duration: greater than that of 4%60 until Jan 2022; greater than that of 4Q55 until June 2031; and greater than that of 3T52 until July 2039 (and for longer with yields positive).
4Q49	4.250	07 Dec 2049	03 Sep 2008	07 Dec 2008	1.103142	41.26	4¼% Treasury Gilt 2049	GB00B39R3707 BBG0000SFL04	GB00B3FMYZ45 BBG00001L084	The auction of 4Q49 on 25 Mar 2009 was uncovered: £1,750m for sale; £1,627.161m bids received; 0.93× covered. “Competitive bids made at prices at and above £93.00 have been allotted in full. Competitive bids made at prices below £93.00 have been rejected.”—“The terms of the prospectus for this stock provide that the DMO reserves the right to reject any competitive bid or part of any competitive bid.” (Price=£93 ⟹ yield≈4.634%.) Needless danger: there is a solution.
1T49	1.750	22 Jan 2049	12 Sep 2018	22 Jan 2019	0.627717	30.36	1¾% Treasury Gilt 2049	GB00BFWFPP71 BBG00LWRPTD3	◊	Aeons before, some gilts had nicknames. In particular, 9%00 and 13%00 were a pair, known as “Baby Greeks” and “Big Greeks”. It seems natural to say that 2049 = ’49s = forty-niners = Miners, for both the historical reference and the rhyme. So this 1T49 = Baby Miners and 4Q49 = Big Miners. Alternatively, a friend has suggested “Minor Miners” and “Major Miners”. (Or, if the name has to be geographical, though I like this less, Californias = Calis (pronounced Calees): Baby Calis and Big Calis.) Please do let me know of any developments.
1H47	1.500	22 July 2047	21 Sep 2016	22 Jan 2017	0.501359	30.84	1½% Treasury Gilt 2047	GB00BDCHBW80 BBG00DSPQPB9	◊	The prospectus released on 13 September 2016 said “the first interest payment will be due on 22 January 2017 at the rate of £110.50 per £100 nominal of the Gilt.” (The first coupon was correct in the press release, so markets were not misled.) The DMO was told on the evening of Tue 13 Sept; and late afternoon on Wed 14 Sep published a new version: “This Document Replaces the Version First Published on 13 September 2016”. (That second prospectus should have been dated 14th Sept, but was actually dated 13th Sept.)
4Q46	4.250	07 Dec 2046	12 May 2006	07 Dec 2006	2.428571	40.57	4¼% Treasury Gilt 2046	GB00B128DP45 BBG0000C9869	GB00B15F3H46 BBG0000CP709
0S46	0.875	31 Jan 2046	20 Jan 2021	31 July 2021	0.463655	25.03	0⅞% Treasury Gilt 2046	GB00BNNGP775 BBG00YY9ZP86	◊	8%21 was first issued at the end of Feb 1996, with 25.27 years to maturity. Its first auction was of £3bn nominal, ≈£2.97bn cash. Between then and 2021: UK CPI rose 1.65× and RPI more than doubled; the gilt market more than quintupled; the auction size of US long bonds more than doubled (in 1996 a $12bn auction of 6% Feb2026, and $10bn of the 6¾ Aug2026; in 2020–’21 auctions of $27bn of each of 1⅝ Nov2050, 1⅞ Feb51, 1⅜ May2051, and 2% Aug2051); and 2000 to 2021 hedge fund assets rose twentyfold from $214bn to $4.3tr. Yet since Feb 1996 the auction size of 25-year gilts has shrunk, 0S46 having four auctions of £2bn (Apr 2021, May 2021, June 2021, Aug 2021), and one of £1.75bn (Nov 2021); and after the 2022 price fall auctions of £2bn (Sep 2022, price≈61.60, with PAOF cash≈£1.542bn) and £2¼bn (Nov 2022, price≈£57, cash≈£1.299bn). Even including the post-auction option facility, the largest, a quarter century after £3bn of 8%21 was auctioned, has been of only £2.5bn. Thus the DMO reveals its own distrust of its auction mechanism. There is better.
3H45	3.500	22 Jan 2045	25 June 2014	22 Jan 2015	2.01105	30.58	3½% Treasury Gilt 2045	GB00BN65R313 BBG006N6HZM7	◊
3Q44	3.250	22 Jan 2044	24 Oct 2012	22 Jan 2013	0.794837	31.24	3¼% Treasury Gilt 2044	GB00B84Z9V04 BBG003H46RK8	◊
4T43	4.750	22 Oct 2043	16 Nov 2023	22 Apr 2024	2.050546	19.93	4¾% Treasury Gilt 2043	GB00BPJJKP77 BBG01JZV7734	◊
4H42	4.500	07 Dec 2042	06 June 2007	07 Dec 2007	2.262363	35.50	4½% Treasury Gilt 2042	GB00B1VWPJ53 BBG0000J2ZP0	GB00B2494Q05 BBG0000KDJJ8
1Q41	1.250	22 Oct 2041	22 Jan 2020	22 Apr 2020	0.310792	21.75	1¼% Treasury Gilt 2041	GB00BJQWYH73 BBG00RCQDP18	◊	The previous new gilt, 0S29, had its ISIN announced with the quarterly calendar. As originally published on 19 Nov 2019, the quarterly calendar for Jan to Mar 2020 did not give the ISIN of this new 2041. But it was “re-published” (email phrasing) on 06 Dec 2019 to include the ISIN. I think advance publication of the ISIN is good. It’s most useful for bonds deliverable into a futures contract: investors need to model the delivery option so must include the forthcoming bond with an estimated coupon; such a security needs an identifier within the analytics; a temporary identifier that must then be updated is needless hassle with no public-policy advantage.
4Q40	4.250	07 Dec 2040	30 June 2010	07 Dec 2010	1.857923	30.44	4¼% Treasury Gilt 2040	GB00B6460505 BBG0000HBW99	GB00B56HGD49 BBG0018L18Z5	From Oct 2009, when 4%60 started the 22Jan/July coupon series, until Nov 2016 when the 1T37 was issued, 4Q40 was the only new ≥10½-year gilt not paying on 22Jan/July.
4R40	4.375	31 Jan 2040	03 Sep 2024	31 Jan 2025	1.771399	15.41	4⅜% Treasury Gilt 2040	GB00BQC82D08 BBG01P81QC89	◊
4Q39	4.250	07 Sep 2039	05 Mar 2009	07 Sep 2009	2.148481	30.51	4¼% Treasury Gilt 2039	GB00B3KJDS62 BBG0000WRHX5	GB00B61LFT72 BBG0000D7725	4Q39 started its WI trading on 24 Feb 2009, which was before the 4%22 finished trading WI (its first settlement day being 27 Feb 2009). This was the most recent occasion that two new gilts’ WI periods overlapped. 4Q39 is the longest of the gilts paying on 07Mar/Sep.
1E39	1.125	31 Jan 2039	14 July 2021	31 Jan 2022	0.615331	17.55	1⅛% Treasury Gilt 2039	GB00BLPK7334 BBG011P69NW0	◊
4T38	4.750	07 Dec 2038	23 Apr 2004	07 Dec 2004	2.959016	34.62	4¾% Treasury Stock 2038	GB00B00NY175 BBG000086XN7	GB00B0125J88 BBG000091KK1	4T38 was longest conventional gilt from issue until May 2005 when 4Q55 was issued, the previous longest having been 4Q36. It will be the last to mature of the Treasury Stocks, as those maturing later are Treasury Gilts.
3T38	3.750	29 Jan 2038	09 Nov 2022	29 Jan 2023	0.825408	15.22	3¾% Treasury Gilt 2038	GB00BQC4R999 BBG01B0DNYV1	◊
1T37	1.750	07 Sep 2037	09 Nov 2016	07 Mar 2017	0.570442	20.83	1¾% Treasury Gilt 2037	GB00BZB26Y51 BBG00F5MW006	GB00BZ4TGS74 BBG00GNNYDL9	The first 07Mar/Sep ≥10½-year to be issued since 4%60 started the 22Jan/July coupon series.
4Q36	4.250	07 Mar 2036	27 Feb 2003	07 Sep 2003	2.218923	33.03	4¼% Treasury Stock 2036	GB0032452392 BBG0000547V3	GB0032727876 BBG00001YV91	4Q36 was longest conventional gilt from issue until Apr 2004 when 4T38 was issued, the previous longest having been 4Q32.
0F35	0.625	31 July 2035	09 Sep 2020	31 Jan 2021	0.244565	14.89	0⅝% Treasury Gilt 2035	GB00BMGR2916 BBG00X2TXPF3	◊
4H34	4.500	07 Sep 2034	17 June 2009	07 Sep 2009	1.002717	25.22	4½% Treasury Gilt 2034	GB00B52WS153 BBG0000D14P3	GB00B4JYZV64 BBG0000559Y5	See comment in 0S46 re auction sizes. All auctions of 4H34, which like 8%21 and 0S46 was issued as a 25-year, have been £2bn: Nov 2009, Feb 2010, May 2010, Nov 2010, Aug 2011, and June 2020. Thus the DMO reveals its own distrust of its auction mechanism.
4Q34	4.250	31 July 2034	12 June 2024	31 Jan 2025	2.697115	10.13	4¼% Treasury Gilt 2034	GB00BQC82C90 BBG01N1W2FH2	◊
4F34	4.625	31 Jan 2034	12 Oct 2023	31 Jan 2024	1.395041	10.30	4⅝% Treasury Gilt 2034	GB00BPJJKN53 BBG01JMFW9L1	◊	On 01 Sep 2023 the DMO was reminded of, and asked to heed the precedent of, the announcement on 06 March 2007 about the creation of 5Q12. It was explicitly requested that this new Jan 2034 not have a coupon of 4½%. On the announcement day, the 4H34 was yielding ≈4.7%, so the coupon decision was between 4⅝ and 4¾.
0S33	0.875	31 July 2033	22 Sep 2021	31 Jan 2022	0.311481	11.86	0⅞% Green Gilt 2033	GB00BM8Z2S21 BBG012BLK2Y1	◊	Inaugural ‘Green’ gilt, the non-greens being colloquially assigned the colour brown. Described in §3 of the Information Memorandum of 14 September 2021, which points to The UK Government Green Financing Framework of June 2021. FT, 21 Sep 2021: UK’s debut ‘green gilt’ sale draws blockbuster demand. On 20 Jan 2020, so 1⅔ years before, the FT had reported UK bond chief Stheeman expresses doubts on green gilts: presumably HMT had a change of mind.
3Q33	3.250	31 Jan 2033	11 Jan 2023	31 July 2023	1.801630	10.06	3¼% Treasury Gilt 2033	GB00BMV7TC88 BBG01BYVMKP2	◊	From calendar: “Exceptionally, the DMO is announcing the coupon on this new gilt earlier than usual on this occasion, with a view to facilitating trading in the March 2023 long gilt futures contract”, into which the 3Q33 was a plausible CTD. I thought a good decision. The ISIN and all the cashflows were known, yet WI trading did not start immediately. The GEMM Guidebook was unclear about the extent to which market-making duties include WI, and so even less clear about this deeper WI: “GEMMs are committed to make, on demand and in all conditions, continuous and effective two-way prices to their clients, in all gilts for which they are recognised as a market maker.”
4Q32	4.250	07 June 2032	25 May 2000	07 Dec 2000	2.275956	32.03	4¼% Treasury Stock 2032	GB0004893086 BBG00001YK86	GB0009139048 BBG000019JZ7	4Q32 was longest conventional gilt from issue until Feb 2003 when 4Q36 was issued, the previous longest having been 6%28. An unusual announcement: Accrued Interest Calculations on 4¼% Treasury Stock 2032 until 7 December 2000. It used to be that re-openings of conventional gilts did not have a “Re-opening Prospectus”. The first to do so was 4Q32, in Nov 2000. Three switch auctions, 8%15→4Q32: on 22 June 2000 £1½bn, on 27 Sep 2000 £1½bn, and on 06 Dec 2000 £2bn. The reopening on 21 May 2020 was almost twenty years after original issue, perhaps the longest such gap.
1%32	1.000	31 Jan 2032	02 Dec 2021	31 Jan 2022	0.163043	10.16	1% Treasury Gilt 2032	GB00BM8Z2T38 BBG013RQ5VY4	◊	On 27 Oct 2021 the planned first sale was moved from 17 Nov 2021 to 01 Dec 2021. At 10.16 years the shortest post-WW2 new 10-year: see note in 8%03.
4%31	4.000	22 Oct 2031	29 Feb 2024	22 Oct 2024	2.579235	7.64	4% Treasury Gilt 2031	GB00BPSNBF73 BBG01LMYR8M2
0Q31	0.250	31 July 2031	13 Nov 2020	31 Jan 2021	0.053668	10.72	0¼% Treasury Gilt 2031	GB00BMGR2809 BBG00Y3L4KR7	◊
4T30	4.750	07 Dec 2030	03 Oct 2007	07 Dec 2007	0.843579	23.18	4¾% Treasury Gilt 2030	GB00B24FF097 BBG0000BSR86	GB00B29WTS18 BBG0000CCR81
0R30	0.375	22 Oct 2030	13 May 2020	22 Oct 2020	0.165984	10.44	0⅜% Treasury Gilt 2030	GB00BL68HH02 BBG00SSK75H6	◊	The original announcement said that the first settlement date would be 15 May 2020; later announcement said syndication on 12 May 2020. A syndication of a 10-year bond that matures only 48 days away from an existing bond?! November 2008: “Syndication has a purpose, and this is not it.” June 2010: “partway-to-Paraguay” (though I’ve become keener on the PAOF since that essay was written).
••30	•.•••	07 Mar 2030	09 Jan 2025	07 Sep 2025	•.••••••	5.16	••% Treasury Gilt 2030	GB00BSQNRD01 BBG•••••••••
0S29	0.875	22 Oct 2029	19 June 2019	22 Oct 2019	0.298839	10.34	0⅞% Treasury Gilt 2029	GB00BJMHB534 BBG00NPSJ5F2	◊	For gilts issued between 1997 (7Q07) and 2018, the ISIN had been announced with the coupon, only a few days before the auction (or, for syndications, not far from the time of announcement of the coupon). This was the first gilt for which the ISIN had been announced with the quarterly calendar (an improvement requested by me on 15 Mar 2019—so good responsiveness by the DMO). Compare to Germany, which announces the ISINs with the annual calendar; and France which announces an ISIN slightly after the bond’s static details.
4E29	4.125	22 July 2029	01 May 2024	22 July 2024	0.929258	5.22	4⅛% Treasury Gilt 2029	GB00BQC82B83 BBG01MLLRG23	◊
0H29	0.500	31 Jan 2029	02 Sep 2021	31 Jan 2022	0.205163	7.41	0½% Treasury Gilt 2029	GB00BLPK7227 BBG0129NSLP0	◊
6%28	6.000	07 Dec 2028	29 Jan 1998	07 June 1998	2.1205	30.86	6% Treasury Stock 2028	GB0002404191 BBG00005CXH3	GB0002444007 BBG00005Z1S6	6%28 was the last new gilt to be issued by the Bank of England; in April 1998 responsibility moved to the Debt Management Office. 6%28 was the longest conventional gilt from issue until May 2000 when 4Q32 was issued, the previous longest having been 8%21. It was the first ≥30Y conventional in almost two decades, since 12%1317. Of the gilts of which the first coupon was computed with the old Act/365 formula, 6%28 was the last to be issued and will be the second-last to mature (followed by 8M ILG 30s). Issuance not anticipated by the calendar is rare. On 05–06 Aug 1999 a surprise tap of 6%28 softened the squeeze in longs then happening: £400m nominal sold at a clean price of 125.30 so about £505,331,148 cash. £1½bn 8%15 was switch-auctioned into 6%28 in Feb 2000 (announcement, result).
1F28	1.625	22 Oct 2028	16 Mar 2018	22 Oct 2018	0.977679	10.60	1⅝% Treasury Gilt 2028	GB00BFX0ZL78 BBG00K8738R1	◊	The first gilt in the 22 Apr/Oct coupon series. There was no comment in the announcement of the new coupon series, nor even in the auction announcement, but the agenda for the DMO’s investor meeting on 21 Aug 2017 had requested feedback “on whether there is merit in the creation of new coupon series for future new conventional and/or index-linked gilts.” That was followed by the issue of the first of the 10th Aug ILGs, 48s, and then by this 1F28. It is the second conventional gilt, after 0T23, issued after the rounding of conventional coupons was changed from quarters (%/Q/H/T) to eighths (%/E/Q/R/H/F/T/S) of a percent, and the first for which this was relevant (1F28 being followed by 1F71, 1F54, 0S29, 0F25, 0E23). On 01 April 2020 the DMO sold £3bn of 1F28 by ‘tender’ (announcement, result). Tenders are a strange non-auction auction, only partly calendared, of which I disapprove. Tenders started on Oct 2008 with £1bn of 4%09 (announcement, result), four more being listed with approximate dates in the calendar for ’09Q1, published 5 Dec 2008. Subsequent calendars have been less specific. Formal policy was announced in March 2009: “Mini-tenders will typically be around half the size of conventional and index-linked gilt auctions of equivalent maturity” (from ¶60 of ‘III Taps & Tenders’ of Official Operations in The Gilt-Edged Market; and similar in ¶5.14 of Provisional debt management report 2009-10). Tenders are partly-calendared mini non-auction auctions. There used to be a non-calendar issuance type called ‘tap’. Taps were small and non-scheduled. But: “Conventional gilts are issued by tap only on exceptional occasions for market management reasons” (source, missing from DMO website). In my professional life there has been only one off-calendar mini non-auction auction that I thought excellent debt management: on 05–06 Aug 1999, a surprise tap of 6%28 which softened the squeeze in longs then happening. Indeed for my taste the purpose of this type of sale is a deterrent against the possibility of a squeeze—if the deterrent is successful, it will never be used; funding through tenders being mere calendar evasion.
4H28	4.500	07 June 2028	21 June 2023	07 Dec 2023	2.077869	4.96	4½% Treasury Gilt 2028	GB00BMF9LG83 BBG01H059G04
4R28	4.375	07 Mar 2028	14 Nov 2024	07 Mar 2025	1.365677	3.31	4⅜% Treasury Gilt 2028	BBG01QNQ6BX1 BBG01QNQ6BX1
0E28	0.125	31 Jan 2028	12 June 2020	31 Jan 2021	0.079327	7.64	0⅛% Treasury Gilt 2028	GB00BMBL1G81 BBG00V94C599	◊	“This Press Notice has been updated to reflect a corrected Long First Coupon amount per £100 nominal payable on the Next Interest Payment Date.”
4Q27	4.250	07 Dec 2027	06 Sep 2006	07 Dec 2006	1.068306	21.25	4¼% Treasury Gilt 2027	GB00B16NNR78 BBG0000DL774	GB00B1HYR000 BBG0000FKFC6
1Q27	1.250	22 July 2027	15 Mar 2017	22 July 2017	0.445442	10.35	1¼% Treasury Gilt 2027	GB00BDRHNP05 BBG00G5GVKZ6	◊
3T27	3.750	07 Mar 2027	11 Jan 2024	07 Sep 2024	2.451923	3.15	3¾% Treasury Gilt 2027	GB00BPSNB460 BBG01KVMYCC4
4E27	4.125	29 Jan 2027	13 Oct 2022	29 Jan 2023	1.210598	4.30	4⅛% Treasury Gilt 2027	GB00BL6C7720 BBG019Y0YBQ1	◊
0R26	0.375	22 Oct 2026	03 Mar 2021	22 Oct 2021	0.239011	5.64	0⅜% Treasury Gilt 2026	GB00BNNGP668 BBG00ZF1T9P5	◊
1H26	1.500	22 July 2026	18 Feb 2016	22 July 2016	0.638736	10.43	1½% Treasury Gilt 2026	GB00BYZW3G56 BBG00C6FWS15	◊
0E26	0.125	30 Jan 2026	03 June 2020	30 Jan 2021	0.082074	5.66	0⅛% Treasury Gilt 2026	GB00BL68HJ26 BBG00SSK93Y0	◊	The first conventional gilt to mature on the 30th of the month since 15H98. The first 30Jan/30July gilt since before WW2. The announcement of the maturity date gave no reasoning; indeed, didn’t even mention the new coupon date, nor the 31st date of the new 2023. The original announcement said that it would first settle on 26 June; the second announcement said 03 June.
3H25	3.500	22 Oct 2025	18 Jan 2023	22 Apr 2023	0.903846	2.76	3½% Treasury Gilt 2025	GB00BPCJD880 BBG01BYVNNT1		Even shorter than 0E23, so the shortest new gilt since 8%90 (but that was convertible). In an irrelevant concidence, at issue this had 1008 days to maturity, being 1½ pipes, being the size of the print run of the second edition of Port Vintages. Strangely, the DMO’s announcement omitted to mention this.
2%25	2.000	07 Sep 2025	20 Mar 2015	07 Sep 2015	0.929348	10.46	2% Treasury Gilt 2025	GB00BTHH2R79 BBG0088JSC32	GB00BWXBPL93 BBG008LYS398
0F25	0.625	07 June 2025	03 July 2019	07 Dec 2019	0.268101	5.93	0⅝% Treasury Gilt 2025	GB00BK5CVX03 BBG00PH5SP35	GB00BK5H1X54	The first new gilt paying 07June/Dec since 4Q40 in June 2010. And, despite my nudging, its principal strip doesn’t have a FIGI.
5%25	5.000	07 Mar 2025	27 Sep 2001	07 Mar 2002	2.223757	23.44	5% Treasury Stock 2025	GB0030880693 BBG00004SL94	GB0030880701 BBG00002FMD5	5%25 strippable from 2 April 2002.
0Q25	0.250	31 Jan 2025	02 July 2021	31 Jan 2022	0.145028	3.58	0¼ Treasury Gilt 2025	GB00BLPK7110 BBG011LP9H91	◊
2T24	2.750	07 Sep 2024	12 Mar 2014	07 Sep 2014	1.337636	10.49	2¾% Treasury Gilt 2024	GB00BHBFH458 BBG0063J4TQ5	GB00BLSNW788 BBG006F91JB5
1%24	1.000	22 Apr 2024	25 July 2018	22 Oct 2018	0.243169	5.74	1% Treasury Gilt 2024	GB00BFWFPL34 BBG00LG783Z7	◊
0E24	0.125	31 Jan 2024	07 Oct 2020	31 Jan 2021	0.039402	3.32	0⅛% Treasury Gilt 2024	GB00BMGR2791 BBG00XP7QHG1	◊
2Q23	2.250	07 Sep 2023	12 June 2013	07 Sep 2013	0.531929	10.24	2¼% Treasury Gilt 2023	GB00B7Z53659 BBG004NDJGQ3	GB00BBR6CX43 BBG004TR33F4
0T23	0.750	22 July 2023	20 July 2017	22 Jan 2018	0.379144	6.01	0¾% Treasury Gilt 2023	GB00BF0HZ991 BBG00H47N4L5	◊	The first conventional gilt issued after the rounding of conventional coupons was changed from quarters (%/Q/H/T) to eighths (%/E/Q/R/H/F/T/S) of a percent. But that wasn’t relevant this time (it was for the next new conventional gilt, 1F28). 0T23, on 20 May 2020, was the first conventional gilt to be auctioned at a negative yield (FT).
0E23	0.125	31 Jan 2023	08 Apr 2020	31 July 2020	0.039148	2.81	0⅛% Treasury Gilt 2023	GB00BL68HG94 BBG00SSK0M13	◊	Even shorter than 3Q11, so the shortest new gilt since 8%90 (but that was convertible). The first post-WW2 gilt to mature on the 31st of the month. The announcement of the maturity date gave no reasoning about the new coupon date; indeed, didn’t even mention it, and nor did the updated quarterly calendar. The new 30Jan2026, announced at the same time, pays coupons one day earlier: why? My preference is against month-end maturities. 31Jan/31July is OK, but if a bond matures on 30Sep, is the other coupon paid on 30Mar or 31Mar? More data to track; another thing to go wrong. This might be the lowest ever coupon on a conventional gilt (strips and T-Bills being 0%; but of the twenty-seven Canadian-style linkers issued ≤Mar 2020, fourteen also have a coupon of 0⅛%.
1T22	1.750	07 Sep 2022	22 June 2012	07 Sep 2012	0.366168	10.21	1¾% Treasury Gilt 2022	GB00B7L9SL19 BBG0033NGJ37	GB00B7Y41699 BBG0036R7Q39
0H22	0.500	22 July 2022	03 Aug 2016	22 Jan 2017	0.233696	5.97	0½% Treasury Gilt 2022	GB00BD0PCK97 BBG00DGV1YW4	◊	Prospectus: “Payable … With a non-competitive bid by any other applicant… £103 per £100 nominal of the Gilt”. This might be the first time that retail bidders, in a conventional auction, had to pay a deposit equivalent to a negative yield (albeit only −0.27bp).
4%22	4.000	07 Mar 2022	27 Feb 2009	07 Sep 2009	2.088398	13.03	4% Treasury Gilt 2022	GB00B3KJDQ49 BBG0000TFSH9	GB00B3V6KP22 BBG0000RT5N1	On 24 Feb 2009, which was before the 4%22 finished trading WI, the 4Q39 started its WI trading. This was the most recent occasion that two new gilts’ WI periods overlapped.
3T21	3.750	07 Sep 2021	18 Mar 2011	07 Sep 2011	1.762908	10.47	3¾% Treasury Gilt 2021	GB00B4RMG977 BBG001KKJLR4	GB00B458RZ05 BBG001M7VL06
8%21	8.000	07 June 2021	29 Feb 1996	07 June 1996	2.1699	25.27	8% Treasury Stock 2021	GB0009997999 BBG00000RV82	GB0000515816 BBG000050VZ0	8%21 was longest conventional gilt from issue until Jan 1998 when 6%28 was issued, the previous longest having been 8T17. And if the reader will allow a sad observation, 8%21 has an ISIN—double treble nine—that is as cool as an ISIN can be.
1H21	1.500	22 Jan 2021	03 Sep 2015	22 Jan 2016	0.574728	5.39	1½% Treasury Gilt 2021	GB00BYY5F581 BBG009WLNRT2	◊
3T20	3.750	07 Sep 2020	10 June 2010	07 Sep 2010	0.906929	10.24	3¾% Treasury Gilt 2020	GB00B582JV65 BBG0000NLL44	GB00B3X8RF54 BBG000062YV4
2%20	2.000	22 July 2020	03 Sep 2014	22 Jan 2015	0.766304	5.89	2% Treasury Gilt 2020	GB00BN65R198 BBG0071KKY56	◊
4T20	4.750	07 Mar 2020	29 Mar 2005	07 Sep 2005	2.091033	14.94	4¾% Treasury Stock 2020	GB00B058DQ55 BBG00009ZB15	GB00B09JC451 BBG00003ZFW5	4T20 was the last to be issued of the Treasury Stocks, subsequent new issues, so starting with 4Q55, being Treasury Gilts.
3T19	3.750	07 Sep 2019	08 July 2009	07 Sep 2009	0.621603	10.16	3¾% Treasury Gilt 2019	GB00B4YRFP41 BBG00005K7P2	GB00B3W51667 BBG0000L10F4
1T19	1.750	22 July 2019	22 Nov 2013	22 Jan 2014	0.290082	5.67	1¾% Treasury Gilt 2019	GB00BDV0F150 BBG005KS0Z42	◊
4H19	4.500	07 Mar 2019	26 Sep 2008	07 Mar 2009	2.013812	10.45	4½% Treasury Gilt 2019	GB00B39R3F84 BBG0000TB921	GB00B3FGZ752 BBG000042WC4
1Q18	1.250	22 July 2018	15 Feb 2013	22 July 2013	0.542127	5.44	1¼% Treasury Gilt 2018	GB00B8KP6M44 BBG0043NCCN2
5%18	5.000	07 Mar 2018	25 May 2007	07 Sep 2007	1.42663	10.78	5% Treasury Gilt 2018	GB00B1VWPC84 BBG0000HV8Z1	GB00B23K1Q33 BBG0000D5G45
1%17	1.000	07 Sep 2017	08 Mar 2012	07 Sep 2012	0.497283	5.50	1% Treasury Gilt 2017	GB00B7F9S958 BBG002PZXX10	GB00B79PS226 BBG003876P52
8T17	8.750	25 Aug 2017	30 Apr 1992	25 Aug 1992	2.1744	25.32	8¾% Treasury Stock 2017	GB0008931148 BBG00001BDZ7		8T17 was longest non-callable conventional gilt from issue until Feb 1996 when 8%21 was issued. It was the last to mature of the conventional gilts with non-standard dates: all longer conventional gilts paying 07 June/Dec or 07 Mar/Sep or 22 Jan/July (as of 8T17’s maturity date). Heinous villainy! From FCA Final Notice, 20 Mar 2014: “Stevenson … bought £331 million of the UKT 8.75% 2017 … between 09:00 and 14:30 on 10 October 2011. The Bond was relatively illiquid and Mr Stevenson’s purchases represented approximately 2,700% of the average daily volume traded for the Bond in the previous four months and 92% of the value of the Bond purchased in the IDB market on 10 October 2011. The price and yield of the Bond significantly outperformed all gilts of similar maturity on 10 October 2011, as a direct result of Mr Stevenson’s trading.” “This trading took place on the first day of the second round of Quantitative Easing …. Offers for sale of eligible gilts to the Bank of England could be made by GEMMs between 14:15 and 14:45 on 10 October 2011. Mr Stevenson offered to sell £850 million of the Bond to the Bank of England on 10 October, which included the £331 million acquired that day. Mr Stevenson’s offer price to the Bank of England was based upon the prevailing market price for the Bond, which had been heavily influenced upwards by his trading that day.” “The Authority has concluded that Mr Stevenson’s trading on 10 October 2011 was designed to move the price of the Bond, in an attempt to sell it to the Bank of England at an abnormal and artificial level, …” Trying to rob the taxpayer: idiotic and criminal; rightly punished. (Links: Bloomberg; BBC; FT.) But the BoE’s QE transaction mechanism — judging offers relative to an immediately prior market price — was manifestly rubbish. From ¶4.15: “Gilts … were purchased by the BOE … provided that they were being offered to the BOE at market price.” So the BoE bought those that were cheapest relative to the market price. If the screen price were high, BoE would pay high. This was after the Lɪʙᴏʀ scandal had started: surely the bad incentive should have been obvious. (Understandably, the BoE seems to hide its detailed rules for buying gilts, and the history of them. See ¶63 of the Dec 2010 Red Book, and a market notice of Aug 2017.) Of course, the correct thing to do is to accept the cheapest offers, where ‘cheapness’ is relative to a smooth yield curve. That being the case, QE would contribute to market efficiency, rather than incentiving inefficiency. 8T17, on 22 July 2016, was the first conventional gilt to have a negative closing yield.
1T17	1.750	22 Jan 2017	19 Aug 2011	22 Jan 2012	0.741848	5.43	1¾% Treasury Gilt 2017	GB00B3Z3K594 BBG001Z0DKP2
4%16	4.000	07 Sep 2016	02 Mar 2006	07 Sep 2006	2.055249	10.51	4% Treasury Gilt 2016	GB00B0V3WX43 BBG0000BZP46	GB00B14XYM13 BBG0000CMXD1
2%16	2.000	22 Jan 2016	03 Nov 2010	22 Jan 2011	0.434783	5.22	2% Treasury Gilt 2016	GB00B3QCG246 BBG00184ZRP5
8%15	8.000	07 Dec 2015	26 Jan 1995	07 June 1995	2.8932	20.86	8% Treasury Stock 2015	GB0008881541 BBG00000BYN6	GB0000513878 BBG000050VW3	J.P.Morgan research dated 18 Jan 1995: Anomalies VI: 07Dec2015 ⟹ Gilt Strips Inevitable. 12%1317, in December 1996, mostly converted into 8%15. By switch auction £1.5bn nominal of 8%15 converted into 6%28 on 09 Feb 2000 (announcement, memorandum, result); £1.5bn into 4Q32 on 22 June 2000 (a., m., result); £1.5bn into 4Q32 on 27 Sep 2000 (a., m., result); and £2bn into 4Q32 on 06 Dec 2000 (a., m., result). On 29 June 2001 8%15 became the second gilt to be created and lent under the DMO’s Special Repo Facility, having been preceded by 5T09, and was followed by 6H03.
4T15	4.750	07 Sep 2015	26 Sep 2003	07 Mar 2004	2.127060	11.95	4¾% Treasury Stock 2015	GB0033280339 BBG000087FV6	GB0033711341 BBG00005WTK6	At 11.95 years the longest post-WW2 new ‘10-year’: see note in 8%03.
2T15	2.750	22 Jan 2015	04 Nov 2009	22 Jan 2010	0.590353	5.22	2¾% Treasury Gilt 2015	GB00B4LFZR36 BBG0000MRCF8
5%14	5.000	07 Sep 2014	25 July 2002	07 Sep 2002	0.597826	12.12	5% Treasury Stock 2014	GB0031829509 BBG00006WLZ5	GB0031836298 BBG00004ZLM1
2Q14	2.250	07 Mar 2014	20 Mar 2009	07 Sep 2009	1.045516	4.96	2¼% Treasury Gilt 2014	GB00B3KJDW09 BBG0000XVF17	GB00B3T1V122 BBG0000QSC59
12%1317	12.000	12 Dec 2017 (12 Dec 2013)	15 June 1978	12 Dec 1978	5.2881	35.49	12% Exchequer Stock 2013–2017	GB0003252318 BBG000018N16		12%1317 in December 1996 mostly converted into 8%15 (announcement, ratio, provisional result, final result). It was called to mature on 12 Dec 2013; it was the last of the ‘double-dates’ and the last of the Exchequer Stocks.
8%13	8.000	27 Sep 2013	01 Apr 1993	27 Sep 1993	3.4192	20.49	8% Treasury Stock 2013	GB0008921883 BBG000010YM7
4H13	4.500	07 Mar 2013	05 Mar 2008	07 Sep 2008	2.274725	5.01	4½% Treasury Gilt 2013	GB00B29WRG55 BBG0000MS982	GB00B39MWF67 BBG0000HW3T8
9%12	9.000	06 Aug 2012	07 Feb 1992	06 Aug 1992	3.6555	20.50	9% Treasury Stock 2012	GB0008938465 BBG00001QYX7		A little 9%12 was converted from 7%97 (from memory, a non-economic exercise of a little over a million). In July 2001 most of 9%12 was converted into 5%12.
5Q12	5.250	07 June 2012	16 Mar 2007	07 June 2007	1.197115	5.23	5¼% Treasury Gilt 2012	GB00B1L6WG32 BBG0000GXYP5	GB00B1YLLR99 BBG0000JD253	See Short names § about the the announcement on 06 March 2007 of the creation of 5Q12.
5%12	5.000	07 Mar 2012	25 May 2001	07 Sep 2001	1.42663	10.78	5% Treasury Stock 2012	GB0030468747 BBG00006V5Q1	GB0030468960 BBG00002DHQ4	From the press release of 15 May 2001 announcing the 5%12: “This stock will be the first strippable stock issued to have strip dates other than 7 June and 7 December.” And then strippable from 2 April 2002. On 21 June 2001 £1.4bn 8H07 converted by switch auction into 5%12; and in July 2001 most of 9%12 was converted into 5%12.
7T1215	7.750	26 Jan 2015 (26 Jan 2012)	26 Jan 1972	26 July 1972	3.875	40.00	7¾% Treasury Loan 2012–2015	GB0009026674 BBG00000HM38		From the prospectus: “Her Majesty’s Treasury reserve to themselves the right to redeem the Loan, in whole or in part, by drawings or otherwise, at par on or at any time after 26th January 2012 on giving not less than three months’ notice in the London Gazette.” Note the “by drawings”: by random assignment, drawn as from a bingo cage! Called to mature on 26 Jan 2012.
3Q11	3.250	07 Dec 2011	14 Nov 2008	07 June 2009	1.829235	3.06	3¼% Treasury Gilt 2011	GB00B3F2K012 BBG0000P3W18	GB00B3KCXT64 BBG0000XR1Z6	With the Great Financial Crisis unfolding, the issuance in the previous quarterly calendar was deemed insufficient, as set out in a written ministerial statement. 3Q11 was the shortest new gilt since 8%90 (but that was convertible). There was an unusual ISIN error in an announcement of the reopening in March 2009. Perhaps this was part of the motivation for ceasing to have a separate WI security?
9%11	9.000	12 July 2011	12 July 1987	12 Jan 1988	4.50	24.00	9% Conversion Loan 2011	GB0002215225 BBG00000HM83		9%11 was converted from 10%91. 9%11 had several similar nicknames including ‘turbos’, all relating to the Porsche 911.
4Q11	4.250	07 Mar 2011	09 Nov 2005	07 Mar 2006	1.385359	5.33	4¼% Treasury Gilt 2011	GB00B0LNX641 BBG00009GL78	GB00B0WCHF77 BBG0000BVXB5
6Q10	6.250	25 Nov 2010	27 Jan 1994	25 May 1994	1.6268	16.83	6¼% Treasury Stock 2010	GB0008890161 BBG000022SR1		The last gilt of which its first issue was partly paid: see § on First coupon amount. On 28 Sep 2001 6Q10 became the fourth gilt to be created and lent under the DMO’s Special Repo Facility, having been preceded by 5T09, 8%15, and 6H03.
4T10	4.750	07 June 2010	19 Nov 2004	07 June 2005	2.608607	5.55	4¾% Treasury Stock 2010	GB00B0330274 BBG00096XLZ5	GB00B05JHW29 BBG000086S76
5T09	5.750	07 Dec 2009	30 July 1998	07 Dec 1998	2.04235	11.35	5¾% Treasury Stock 2009	GB0003042636 BBG000069078	GB0003042743 BBG000069087	The first new gilt to be issued by the Debt Management Office, and the first of which the first coupon was computed with the Act/Act six-decimal-places formula. On 29 December 2000 5T09 became the first gilt to be lent under the DMO’s Special Repo Facility: “An additional STG 1146.5 million of 5 3/4 % Treasury Stock 2009 has today been created and made available to the market under the terms of the DMO’s standing repo facility that was introduced on the 1st June 2000. … The DMO has been given general collateral at the Bank of England’s repo rate against the stock it has lent”. That was returned on 2 Jan 2001; on 3 Jan 2001 another £125m was created and lent; on the following day returned; on 5 Jan 2001 another £466m; on the Monday returned; and another £574m on 11 Jan 2001; returned; £344m on 5 Mar 2001; returned. The next gilt to be so created and lent was 8%15. Second-shortest reopening of a gilt (after that of 4%09) was of 5T09, £1½bn ‘mini-tender’ on 06 Jan 2009, so only 0.92 years (announcement, result).
8%09	8.000	25 Sep 2009	23 Apr 1986	25 Sep 1986	2.2679	23.42	8% Treasury Stock 2009	GB0009125369 BBG0008SHQX7		Last part-payment 14 July 1986. In November 1998 mostly converted into 5T09, and more converted by a switch facility between 11 Jan 1999 and 21 Sep 1999.
4%09	4.000	07 Mar 2009	14 May 2003	07 Sep 2003	1.26087	5.81	4% Treasury Stock 2009	GB0032785924 BBG0008DR164	GB0033020826 BBG0008DR173	Shortest ever reopening of a gilt was of 4%09, £1bn ‘mini-tender’ on 20 Oct 2008, so only 0.38 years, per written ministerial statement described in 3Q11.
9%08	9.000	13 Oct 2008	12 Feb 1987	13 Oct 1987	5.0372	21.67	9% Treasury Loan 2008	GB0009128371 BBG000869BG6		9%08 was squeezed ahead of delivery into the March 1998 future: an unfortunate end to the BoE’s role as debt manager. In August 2002 mostly converted into 5%08.
5H0812	5.500	10 Sep 2012 (10 Sep 2008)	05 Oct 1960	10 Mar 1961	2.5875	47.93	5½% Treasury Stock 2008–2012	GB0009032284 BBG00084NV53		On 10 July 1995 this gilt and 3H9904 were mentioned in a Written Answer by the Chancellor of the Exchequer, Mr. Kenneth Clarke. Called to mature on 10 Sep 2008.
5%08	5.000	07 Mar 2008	26 June 2002	07 Sep 2002	0.991848	5.70	5% Treasury Stock 2008	GB0031734154 BBG0007Z59D5	GB0031737496 BBG0007Z59F3
7Q07	7.250	07 Dec 2007	29 Jan 1997	07 June 1997	2.5623	10.86	7¼% Treasury Stock 2007	GB0009997114 BBG0007TTVB6	GB0000509314 BBG0007TTVG1	The first new gilt to have an ISIN mentioned in its auction announcement. The ISIN of the WI principal strip was GB0001885085.
8H07	8.500	16 July 2007	16 July 1986	16 Jan 1987	3.7198	21.00	8½% Treasury Loan 2007	GB0009126557 BBG0007725Z4		Last part-payment 18 Aug 1986. On 21 June 2001 £1.4bn 8H07 converted by switch auction into 5%12.
4H07	4.500	07 Mar 2007	13 Feb 2004	07 Sep 2004	2.534341	3.07	4½% Treasury Stock 2007	GB0034040740 BBG0007CQGH3	GB0034258821 BBG0007CQGS1
7H06	7.500	07 Dec 2006	28 Sep 1995	07 Dec 1995	1.4384	11.19	7½% Treasury Stock 2006	GB0009998302 BBG00077BDJ5	GB0000508233 BBG00077BDN0	An important auction announcement, at JPM the author anticipating it on 31 Aug 1995 in The Sep Gilt Auction Announcement; then on 20 Sep 1995 quoting and discussing in New 7½% ’06; 07Dec’s to be Strippable (“7 1/2% Treasury 2006 will, together with 8% Treasury 2000, 8 1/2% Treasury 2005, and 8% Treasury 2015, be eligible for stripping when the gilt strips facility is introduced”). That first auction of 7H06, on 27 Sep 1995, was only 0.99× covered: £3bn for sale, £28.6m “retained in official portfolios”; “The unallotted part of the amount on offer at the auction is being held in official portfolios. It will not be sold for a period of at least two months, and in any event only in stable market conditions.” From memory, in this era auction the result usually appeared about 50 minutes after the bid-submission deadline; this auction of 7H06 took 72 minutes. Five months before I had discussed with Peter Andrews of gemmd an improved mechanism that would guarantee no failed auctions (version of Mar 1999, and of May 2010). Not only should it be done, it should have been done then—its one serious fault being that nobody else is doing it.
9T06	9.750	15 Nov 2006	15 May 1986	15 Nov 1986	4.875	20.50	9¾% Conversion Stock 2006	GB0009021956 BBG00076FRP5		Tiny; created by a (small) conversion from 10Q89.
7T06	7.750	08 Sep 2006	27 May 1993	08 Sep 1993	1.8632	13.28	7¾% Treasury Stock 2006	GB0008916024 BBG000742SD5		J.P.Morgan research dated 18 Aug 1995: One Series of Gilt Strips; Not 7¾% ’06. (Second strip series, 07 Mar/Sep not 08 Mar/Sep, so indeed not 7T06, started 2 April 2002.)
8H05	8.500	07 Dec 2005	29 Sep 1994	07 June 1995	5.8453	11.19	8½% Treasury Stock 2005	GB0008880808 BBG0006VVN81	GB0000507938 BBG0006VVNH1	8H05 was the first issued of the strippables, though that wasn’t known until 8%00 was announced one month later.
10H05	10.500	20 Sep 2005	16 Jan 1985	20 Sep 1985	6.5672	20.68	10½% Exchequer Stock 2005	GB0003270005 BBG0006SN7T9		Last part-payment 18 Feb 1985. 10H05 was the last to mature of the non-callable gilts with a coupon ≥10%.
9H05	9.500	18 Apr 2005	18 Apr 1985	18 Oct 1985	4.75	20.00	9½% Conversion Stock 2005	GB0008987777 BBG0006P1QM4		9H05 was converted from 9H89.
6T04	6.750	26 Nov 2004	30 Sep 1993	26 May 1994	3.9761	11.16	6¾% Treasury Stock 2004	GB0008889619 BBG0006K5P98		The antepenultimate gilt of which its first issue was partly paid: see § on First coupon amount.
9H04	9.500	25 Oct 2004	25 Oct 1984	25 Apr 1985	4.75	20.00	9½% Conversion Stock 2004	GB0002212982 BBG0006JJ206		9H04 was converted from 10%90. In July 1999 mostly converted into 5%04.
5%04	5.000	07 June 2004	23 June 1999	07 Dec 1999	2.281421	4.96	5% Treasury Stock 2004	GB0006686579 BBG0006FTX32	GB0007359606 BBG0006FTX41	In July 1999 most of 9H04 converted into 5%04 (initial announcement, ratio, provisional result, final result). Also, by switch auction, on 21 Oct 1999 some 8%03 converted into 5%04 (announcement, memorandum, result).
10%04	10.000	18 May 2004	06 June 1985	18 Nov 1985	3.8004	18.95	10% Treasury Stock 2004	GB0009111021 BBG00056P3S6		The first gilt to mention in its prospectus the statement issued by Her Majesty’s Treasury on 29 May 1985. Last part-payment 15 July 1985. Rump for a while.
13H0408	13.500	26 Mar 2008 (26 Mar 2004)	17 Apr 1980	26 Sep 1980	4.7771	23.94	13½% Treasury Stock 2004–2008	GB0009052910 BBG00000HMJ1		In September 1996 mostly converted into 8H05 (offer, provisional, final). The residual ≈£95m was called to mature on 26 Mar 2004.
6H03	6.500	07 Dec 2003	11 Dec 1997	07 June 1998	3.1699	5.99	6½% Treasury Stock 2003	GB0001633014 BBG0006BH3T2	GB0002190550 BBG0006BH3W8	Conversions into 6H03 from 11T0307 in July 1998, and from 12H0305 in Feb 1999. On 11 July 2001 6H03 became the third gilt to be created and lent under the DMO’s Special Repo Facility, having been preceded by 5T09 and 8%15, and was followed by 6Q10.
12H0305	12.500	21 Nov 2005 (21 Nov 2003)	23 Nov 1978	21 May 1979	5.1388	24.99	12½% Treasury Stock 2003–2005	GB0009047936 BBG0006B6YF1		In February 1999 most of 12H0305 was converted into 6H03. Called to mature on 21 Nov 2003.
10%03	10.000	08 Sep 2003	27 Jan 1986	08 Sep 1986	4.8479	17.61	10% Treasury Stock 2003	GB0008986258 BBG000696X13		Last part-payment 14 Apr 1986. One of several gilts mentioned in the JPM research note Anomalies V, which was also published—my only research note of which this is true—in Latin.
8%03	8.000	10 June 2003	03 Dec 1992	10 June 1993	2.3891	10.52	8% Treasury Stock 2003	GB0000727205 BBG0006733Z9		From WW2 to 1991 only three new gilts were issued with ≈10-year maturities (here meaning 9¼ to 12 years): 6H76Tr, 8H8082, and, by conversion, 10%96. But since 1992 there has been routine issuance of ‘tens’: on 29 Jan 1992 a £1.8bn ‘reopening’ of 9T02C, then this 8%03, followed by 6T04, 8H05, 7H06, 7Q07, 5T09, 5%12, 4T15 (at 11.95y the longest of these new ‘tens’), 4%16, 5%18, 4H19, 3T19, 3T20, 3T21, 1T22, 2Q23, 2T24, 2%25, 1H26, 1Q27, 1F28, 0S29, 0R30, 0Q31, 1%32, 3Q33 (at 10.06y the shortest), 4F34, and 4Q34. On 21 Oct 1999 the first of the switch auctions converted £999.6m of 8%03 into £1,119,688,920 of 5%04 (announcement, memorandum, result).
3H9904	3.500	14 July 2004 (14 July 1999)	14 Feb 1957			42.42	3½% Funding 1999–2004	GB0003557229 BBG000M36VX7		Nickname = “Never-nevers”, because of long double-dated initial maturity. On 10 July 1995 this gilt and 5H0812 were mentioned in a Written Answer by the Chancellor of the Exchequer, Mr. Kenneth Clarke. Called to mature on 06 June 2003. The accrued interest at maturity was computed using the post-1998 Act/Act formula, £1.382597; under the formula in use at time of issue, Act/365, it would have been less, ≈£1.371. Hence this was not a technical default.
9T03	9.750	07 May 2003	07 Nov 1985	07 May 1986	4.875	17.50	9¾% Conversion Loan 2003	GB0002214145 BBG000666YJ8		9T03 was converted from 10H92.
11T0307	11.750	22 Jan 2007 (22 Jan 2003)	25 July 1979	22 Jan 1980	4.8845	23.49	11¾% Treasury Stock 2003–2007	GB0009050427 BBG000L56XP8		Under the FT article How bonds ate the entire financial system, 03 Aug 2023, ‘Upaswellasdown’ commented: “Regarding the mistaken view that Ian Fleming somehow viewed bonds as "boring", I understand the 11.75% gilts issued in July 1979 and maturing in January 2007 were known as "the James Bonds" (given their maturity date)”. A source was requested, but even without might still be true. In July 1998 most of 11T0307 was converted into 6H03. Called to mature on 22 Jan 2003.
9%02	9.000	19 Nov 2002	05 Mar 1987	19 Nov 1987	5.3672	15.71	9% Exchequer Stock 2002	GB0003243242 BBG00061P4K2		9%02 was the last to be issued of the Exchequer Stocks.
8%0206	8.000	05 Oct 2006 (05 Oct 2002)	20 Oct 1971	05 Apr 1972	3.69	30.96	8% Treasury Loan 2002–2006	GB0009028498 BBG00060PCJ8		Called to mature on 05 Oct 2002.
9T02	9.750	27 Aug 2002	15 Aug 1985	27 Feb 1986	4.7418	17.03	9¾% Treasury Stock 2002	GB0008986811 BBG0005ZR934
9H02	9.500	14 June 2002	14 June 1984	14 Dec 1984	4.75	18.00	9½% Conversion Stock 2002	GB0002213733 BBG0005XW6W7		9H02 was converted from 9T88. Rump, at least for a while.
7%02	7.000	07 June 2002	05 Dec 1996	07 June 1997	3.5288	5.51	7% Treasury Stock 2002	GB0009997221 BBG0005XPW03	GB0000505775 BBG0005XPWB1	The last new gilt not to have an ISIN mentioned in its auction announcement.
10%02	10.000	11 Apr 2002	11 Apr 1984	11 Oct 1984	5	18.00	10% Conversion Stock 2002	GB0009163782 BBG0005BZQ94		10%02 was converted from 10%86. Rump, at least for a while.
7%01	7.000	06 Nov 2001	29 July 1993	06 May 1994	4.5222	8.27	7% Treasury Stock 2001	GB0008920588 BBG0005QKV96		The last gilt of which a re-opening was partly paid: see § on First coupon amount. And in March 1996 become the first to gilt to exceed £10bn issue size.
9T01	9.750	10 Aug 2001	10 Feb 1984	10 Aug 1984	4.875	17.50	9¾% Conversion Stock 2001	GB0002213626 BBG0005MCS37		9T01 was converted from 10Q87. Rump, at least for a while.
9H01	9.500	12 July 2001	12 July 1987	12 Jan 1988	4.75	14.00	9½% Conversion Loan 2001	GB0002215118 BBG0005LCY27		9H01 was converted from 10%91. Rump, at least for a while.
11H0104	11.500	19 Mar 2004 (19 Mar 2001)	23 May 1979	19 Sep 1979	3.7494	21.82	11½% Treasury Stock 2001–2004	GB0009050195 BBG000JP8MC3		Called to mature on 19 Mar 2001.
10%01	10.000	26 Feb 2001	17 Oct 1985	26 Feb 1986	2.983	15.36	10% Treasury Stock 2001	GB0008987116 BBG0005FKKD9		Last part-payment 25 Nov 1985
8%00	8.000	07 Dec 2000	27 Oct 1994	07 June 1995	4.8877	6.11	8% Treasury Stock 2000	GB0008881327 BBG0005C0658	GB0000505338 BBG0005C06Z5	That 8%00 shared coupon dates with 8H05 was the first herald of a forthcoming strip market, increasing the likelihood of the de-prohibition of repo. See JPM comment on 19 Oct 1994 Anomalies IV: 8%00, 6%99 and Strips? The first auction of 8%00 came at a yield of 8.82%, the largest yield discount of any new gilt at first issue.
13T0003	13.750	25 July 2003 (25 July 2000)	22 Feb 1979	25 July 1979	4.7627	21.43	13¾% Treasury Stock 2000–2003	GB0009048678 BBG00058VWR2		‘Treble-oh threes’ was called to mature on 25 July 2000.
13%00	13.000	14 July 2000	24 June 1980	14 Jan 1981	5.9892	20.06	13% Treasury Stock 2000	GB0009019760 BBG00056PDC1		Nickname = “Big Greeks” (reputedly after the hair-dye product then named Grecian 2000).
9%00	9.000	03 Mar 2000	03 Mar 1980	03 Sep 1980	4.50	20.00	9% Conversion Stock 2000	GB0009020321 BBG00051ZMR5		Nickname = “Baby Greeks” (reputedly after the hair-dye product then named Grecian 2000). 9%00 was converted from 9%80.
8H00	8.500	28 Jan 2000	30 Apr 1987	28 Jan 1988	5.5174	12.74	8½% Treasury Loan 2000	GB0008965997 BBG0004X4MN4
10Q99	10.250	22 Nov 1999	22 Nov 1983	22 May 1984	5.125	16.00	10¼% Conversion Stock 1999	GB0002213519 BBG0004T89S3		10Q99 was converted from ‘Maggie Mays’ = 2½ Index-Linked Treasury Convertible Stock 1999 (almost all of which was converted, because Maggie did).
6%99	6.000	10 Aug 1999	28 Oct 1993	10 Feb 1994	1.4384	5.78	6% Treasury Stock 1999	GB0008889833 BBG0004PFF63		The penultimate gilt of which its first issue was partly paid: see § on First coupon amount.
10H99	10.500	19 May 1999	22 Dec 1977	19 May 1978	3.49	21.41	10½% Treasury Stock 1999	GB0009044362 BBG0004L13Z2		At least some converted from 10H86.
12Q99	12.250	26 Mar 1999	21 Mar 1979	26 Sep 1979	5.4981	20.01	12¼% Exchequer Stock 1999	GB0003250155 BBG0004HZRV5
12%9902	12.000	22 Jan 2002 (22 Jan 1999)	07 Sep 1979			19.38	12% Exchequer Stock 1999–2002	GB0003250825 BBG0005279S2		Called to mature on 22 Jan 1999.
9H99	9.500	15 Jan 1999	17 Jan 1973	15 July 1973	4.66	25.99	9½% Treasury Loan 1999	GB0009025825 BBG0004F2P76
12%98	12.000	20 Nov 1998	27 Apr 1978	20 Nov 1978		20.56	12% Exchequer Stock 1998	GB0003252755 BBG0004BFZB4
15H98	15.500	30 Sep 1998	14 Oct 1976	30 Mar 1977	7.10	21.96	15½% Treasury Loan 1998	GB0009027193 BBG0004B33B8		Until the COVID19 pandemic, 15H98, 7Q98, and ILG 88s were the only post-WW2 gilts to mature on the 30th of the month (and 11%89 and 14%86 the only to mature on the 29th). 15½% is the largest gilt coupon in recent times, and perhaps ever. Indeed, the issue price was £96, so the issue yield was 16.174% (using the then-standard yield convention), or 16.164% in the post-1998 convention. (The largest US Treasury coupon might have been 16¼%, two-year, issued Aug 1981, matured 31 Aug 1983, US912827MF63.)
14%9801	14.000	22 May 2001 (22 May 1998)	28 Nov 1979	22 May 1980	5.8949	18.48	14% Treasury Stock 1998–2001	GB0009052688 BBG00039QBQ5		A prospectus dated 23 Nov 1979 was published in The Times of 26 Nov 1979: “Deposit with tender  £20 per cent”; “On Friday, 14th December, 1979  £40 per cent”; “On Wednesday, 9th January, 1980  Balance of purchase money”. Called to mature on 22 May 1998.
7Q98	7.250	30 Mar 1998	23 Oct 1992	30 Mar 1993	1.6958	5.44	7¼% Treasury Stock 1998	GB0008929399 BBG0003NXLD8		Until the COVID19 pandemic, 7Q98, 15H98, and ILG 88s were the only post-WW2 gilts to mature on the 30th of the month (and 11%89 and 14%86 the only to mature on the 29th). 7Q98 was last gilt of which a re-opening had payment in three parts: see First coupon amount §.
9T98	9.750	19 Jan 1998	08 Feb 1984	19 July 1984	3.3081	13.95	9¾% Exchequer Stock 1998	GB0003263190 BBG00038NRB1		Mentioned in the JPM research note UK Tax Reformed & STRIPs Announced of 30 May 1995.
15%97	15.000	27 Oct 1997	14 Oct 1981	27 Apr 1982	7.1036	16.04	15% Exchequer Stock 1997	GB0003258778 BBG00038NRJ3
8T97	8.750	01 Sep 1997	09 Oct 1969	01 Mar 1970		27.89	8¾% Treasury Loan 1997	GB0009032060 BBG00038NR76		Prospectus is of second tranche. Tranche lettering went to at least ‘E’.
7%97	7.000	06 Aug 1997	26 May 1994	06 Aug 1994	1.3809	3.19	7% Treasury Convertible Stock 1997	GB0008877648 BBG0003TH511		Convertible into 9%12 (only original online evidence from BoE): ISSUE FOR BID PRICE AUCTION 25 MAY 1994 OF STG 2000 MN 7% TREASURY CONVERTIBLE STOCK 1997. FULLY PAID. CONVERTIBLE INTO 9% TREASURY STOCK 2012 ON FOLLOWING DATES AT THE INDICATED RATES - . DATE OF CONVERSION NOMINAL AMOUNT OF 9% TY STK 2012 PER . STG100 NOMINAL OF 7% TY CVT.STK 1997 . 6 AUGUST 1994 STG 89 . 6 FEBRUARY 1995 STG 88 . 6 AUGUST 1995 STG 87 . 6 FEBRUARY 1996 STG 86 DIVIDEND DATES 6 FEBRUARY AND 6 AUGUST. FIRST DIVIDEND STG 1.3809 ON 6 AUGUST 1994. 7% TREASURY CONVERTIBLE STOCK 1997 MATURES ON 6 AUGUST 1997. PROVISION FOR NON-RESIDENT TAX EXEMPTION. PROVISION FOR COMPETITIVE AND NON-COMPETITIVE APPLICATIONS. WHEN ISSUED DEALINGS IN 7% TREASURY CONVERTIBLE STOCK 1997 MAY BEGIN FROM NOW. SEDOL CODE 0 - 887 - 764. EPIC CODE AUC SHOULD BE USED FOR TRADE REPORTING PURPOSES.
10H97	10.500	21 Feb 1997	20 Oct 1977	21 Feb 1978	2.80	19.34	10½% Exchequer Stock 1997	GB0003256178 BBG00038NRD9		10H97 had Sᴇᴅᴏʟ 0-325-617, the same as that of 6T71A which was issued 05Jan1970. So ISIN of former same as implied ISIN of latter.
13Q97	13.250	22 Jan 1997	17 July 1975	22 Jan 1976	6.87	21.51	13¼% Treasury Loan 1997	GB0009021402 BBG00038NRG6
10%96	10.000	15 Nov 1996	15 May 1986	15 Nov 1986	5	10.50	10% Conversion Stock 1996	GB0009021840 BBG00038NRC0		ISIN might be GB0002216744. 10%96 was converted from 10Q89.
6T9598	6.750	01 May 1998 (01 May 1995)	28 Oct 1966	01 May 1967	3.425	28.51	6¾% Treasury Loan 1995–1998	GB0009032623 BBG00039QBP6		From The Times, 25 Oct 1966: ‘The authorities broke with tradition yesterday by announcing a big new Government loan at 5.15pm instead of the normal 3.30—the time that is usually chosen because it is immediately after the official closing of the Stock Exchange. Apparently the announcement was delayed simply to allow time for the completion of the underwriting arrangements for two other gilt-edged loans that were launched yesterday—£15m. for Cardiff and £3m. for Jamaica. The new Government loan—£400m. of 6¾ per cent Treasury stock, 1995–98, offered at 97½ … it offers a gross redemption yield of £6 18s. 11d. per cent”. Called (BoE) on 30 July 1996 to mature on 01 Nov 1996. (The author remembers that day being in J.P.Morgan’s Brussels office covering NLG and BEF.)
13Q96	13.250	15 May 1996	11 June 1976	15 Nov 1976	5.70	19.93	13¼% Exchequer Loan 1996	GB0003255543 BBG00038NRF7
15Q96	15.250	03 May 1996	11 Nov 1976	03 May 1977	7.23	19.48	15¼% Treasury Loan 1996	GB0009027979 BBG00038NRK1
14%96	14.000	22 Jan 1996	27 Feb 1980	22 July 1980	4.555	15.90	14% Treasury Stock 1996	GB0009051508 BBG00038NRH5
12T95	12.750	15 Nov 1995	23 May 1974			21.48	12¾% Treasury Loan 1995	GB0009023226
10Q95	10.250	21 July 1995	12 Jan 1978			17.53	10¼% Exchequer Stock 1995	GB0003255436
3%9095	3.000	01 May 1995 (01 ??? 1990)	01 May 1949			46.00	3% Exchequer Gas Stock 1990–95	GB0001344042		From the Gas Act 1986, s.50(3): As from the transfer date British Gas 3% Guaranteed Stock, 1990–95 shall be renamed "3% Exchequer Gas Stock, 1990–95".
12%95	12.000	25 Jan 1995	15 Sep 1977			17.36	12% Treasury Stock 1995	GB0009039727
9%94	9.000	17 Nov 1994	23 July 1969			25.32	9% Treasury Loan 1994	GB0009032847
12H94	12.500	22 Aug 1994	11 Aug 1977			17.03	12½% Exchequer Stock 1994	GB0003253498
10%94	10.000	09 June 1994	10 Jan 1987			7.41	10% Treasury Loan 1994	GB0008982166
13H94	13.500	27 Apr 1994	04 June 1980			13.90	13½% Exchequer Stock 1994	GB0003248639		Nickname = “Eeyores”, like 13H92.
14H94	14.500	01 Mar 1994	24 Sep 1976			17.44	14½% Treasury Loan 1994	GB0009030577
8H94	8.500	03 Feb 1994	16 Mar 1988			5.88	8½% Treasury Stock 1994	GB0009035071
13T93	13.750	23 Nov 1993	20 Jan 1977			16.84	13¾% Treasury Loan 1993	GB0009034777
6%93	6.000	15 Sep 1993	27 Sep 1965			27.97	6% Funding Loan 1993	GB0003556478
12H93	12.500	14 July 1993	13 Mar 1975			18.34	12½% Treasury Loan 1993	GB0009022251
10%93	10.000	15 Apr 1993	12 Feb 1986			7.18	10% Treasury Loan 1993	GB0008985623
8Q93	8.250	18 Feb 1993	25 May 1988			4.73	8¼% Treasury Stock 1993	GB0009029355
9%9296	9.000	15 Mar 1996 (15 Mar 1992)	11 Mar 1971	15 Sep 1971	4.64	21.01	9% Treasury Loan 1992–1996	GB0009033696 BBG00038NR94		Called to mature on 28 Jan 1993.
13H92	13.500	22 Sep 1992	08 May 1980			12.37	13½% Exchequer Stock 1992	GB0003248969		Nickname = “Winnies”, because “Winnie-the-Pooh” rhymes with “Thirteen and a half of nineteen ninety-two”.
12Q92	12.250	25 Aug 1992	24 Mar 1977			15.42	12¼% Exchequer Stock 1992	GB0003253837
3%92	3.000	11 June 1992	15 July 1987			4.91	3% Treasury 1992	GB0008958869
10H92	10.500	07 May 1992	15 Aug 1984	07 May 1985	6.8038	7.73	10½% Treasury Convertible Stock 1992	GB0009104554		10H92 was convertible into 9T03.
8%92	8.000	13 Apr 1992					8% Treasury Loan 1992	GB0008958976
10%92	10.000	21 Feb 1992	17 Nov 1977			14.26	10% Treasury 1992	GB0009040501
12T92	12.750	22 Jan 1992	07 Aug 1975	22 Jan 1976	5.87	16.46	12¾% Treasury Loan 1992	GB0009030023		ISIN might be GB0003253837.
8%91	8.000	10 Dec 1991	22 July 1987			4.38	8% Treasury 1991	GB0009133801
11%91	11.000	25 Oct 1991	11 Apr 1979			12.54	11% Exchequer 1991	GB0003249710
10%91	10.000	12 July 1991	29 Oct 1986	12 Jan 1987	1.6385	4.70	10% Treasury Convertible Stock 1991	GB0009130013		10%91 was convertible until 12 July 1989 into 9H01 or 9%11.
3%91	3.000	13 May 1991	29 May 1986			4.96	3% Treasury 1991	GB0008982059
5T8791	5.750	05 Apr 1991 (05 Apr 1987)	04 May 1964			22.92	5¾% Funding Loan 1987–1991	GB0003556817		Mentioned in Dobbie & Wilkie, The F.T.-Actuaries Fixed Interest Indices (1978).
11T91	11.750	10 Jan 1991	02 June 1977			13.61	11¾% Treasury 1991	GB0009021733
2H90	2.500	22 Nov 1990	22 Jan 1986			4.83	2½% Exchequer 1990	GB0003273561
10%90	10.000	25 Oct 1990	18 Jan 1984	25 Oct 1984	6.8888	6.77	10% Treasury Convertible Stock 1990	GB0009105528		10%90 was convertible into 9H04.
8%90	8.000	16 July 1990	16 Dec 1987			2.58	8% Treasury Convertible Stock 1990	GB0008955295
8Q8790	8.250	15 June 1990 (15 June 1987)	08 Sep 1971	15 Dec 1971	2.22	15.77	8¼% Treasury Loan 1987–1990	GB0009028613
3%90	3.000	08 May 1990	20 June 1985			4.88	3% Treasury 1990	GB0008987884
12H90	12.500	22 Mar 1990	11 Mar 1981			9.03	12½% Exchequer 1990	GB0003258448
11%90	11.000	12 Feb 1990	15 Feb 1985			4.99	11% Exchequer Loan 1990	GB0003273124
13%90	13.000	15 Jan 1990	15 Jan 1976			14.00	13% Treasury Stock 1990	GB0009029132
10Q89	10.250	15 Nov 1989	27 Nov 1985	15 May 1986	3.9621	3.97	10¼% Exchequer Convertible Stock 1989	GB0003272829		10Q89 was convertible into 10%96 or into 9T06.
5%8689	5.000	15 Oct 1989 (15 Oct 1986)	12 Aug 1959			27.18	5% Treasury 1986–1989	GB0009031872
11%89	11.000	29 Sep 1989	08 Aug 1984			5.14	11% Exchequer 1989	GB0003247888		11%89 and 14%86 are the only post-WW2 gilts to mature on the 29th of the month (and, until the COVID19 pandemic, 15H98 and 7Q98 the only to mature on the 30th).
10%89	10.000	01 Aug 1989	16 Nov 1983			5.71	10% Exchequer 1989	GB0003262788
10H89	10.500	14 June 1989	13 Apr 1983			6.17	10½% Treasury 1989	GB0009069153
3%89	3.000	15 May 1989	11 Apr 1985			4.09	3% Treasury 1989	GB0008987660
9H89	9.500	18 Apr 1989	01 May 1984	18 Oct 1984	3.9895	4.96	9½% Treasury Convertible Stock 1989	GB0009105072		9H89 was convertible into 9H05.
11H89	11.500	22 Feb 1989	12 Sep 1979			9.44	11½% Treasury 1989	GB0009050757
9H88	9.500	25 Oct 1988	11 Oct 1982			6.04	9½% Treasury 1988	GB0009073940
3%8696	3.000	01 Oct 1996 (01 Oct 1986)	17 Aug 1937			59.12	3% Redemption 1986–1996	GB0007282055		Mentioned in 3H68. DMO data has this redeemed 01 Oct 1988.
3%7888	3.000	01 July 1988 (01 July 1978)	01 Jan 1948			30.50	3% Transport 1978–1988	GB0001415453		Nickname = “Long Tranners”.
9T88	9.750	14 June 1988	29 Sep 1983	14 June 1984	5.9759	4.71	9¾% Treasury Convertible Stock 1988	GB0009080309		9T88 was convertible into 9H02.
10H88	10.500	10 May 1988	29 Sep 1982			5.61	10½% Exchequer 1988	GB0003260964
7T8588	7.750	26 Jan 1988 (26 Jan 1985)					7¾% Treasury Loan 1985–1988			The only evidence of the existence of 7T8588 is from HMRC’s IHTM27244.
12%87	12.000	03 Nov 1987	09 July 1980			7.32	12% Treasury 1987	GB0009019547
3%87	3.000	14 July 1987	07 Jan 1982			5.52	3% Treasury 1987	GB0009061978
10%87	10.000	12 June 1987	15 Sep 1983			3.74	10% Treasury 1987	GB0009080960
6H8587	6.500	01 May 1987 (01 May 1985)	03 Feb 1967			18.24	6½% Funding Loan 1985–1987	GB0003558078
10H87	10.500	06 Apr 1987	19 Aug 1982			4.63	10½% Exchequer 1987	GB0003260741
2H87	2.500	24 Feb 1987	06 Jan 1983			4.13	2½% Exchequer 1987	GB0003261269
10Q87	10.250	10 Feb 1987	02 June 1983	10 Feb 1984	5.8499	3.69	10¼% Treasury Convertible Stock 1987	GB0009079293		10Q87 was convertible into 9T01. A prospectus dated 27 May 1983 was published in The Times of 31 May. From ¶5: “Holdings of 10¼ per cent Treasury Convertible Stock, 1987 may, at the option of holders, be converted in whole or in Part into 9¾ per cent Conversion Stock 2001 (hereinafter referred to as "Conversion Stock") as on the following dates and at the indicated rates:—” A table then follows, with columns of “Date of conversion” and “Nominal amount of Conversion Stock per £100 nominal of 10¼ per cent Treasury Convertible Stock 1987”: 10 Feb 1984, £100; 10 Aug 1984, £97; 10 Feb 1985, £94; 10 Aug 1985, £91; 10 Feb 1986, £88. The Times of 28 May 1983 had a comment. “The Bank of England surprised the gilts market by announcing a £1bn tap issue yesterday. In a move to take advantage of the strength of financial markets, the Bank announced a tender issue of £1bn 10¼ per cent Treasury convertible stock due 1987. The minimum tender price on June 2 is £98.25 and the issue is payable £20 on tender, £50 on July 18 and the rest on August 15. The stock is convertible into 9¾ per cent stock 2001 with the first conversion date on February 10, 1984. Both the gilts market and sterling have risen sharply this week as the City has become increasingly convinced that the Conservatives will win. Government stocks closed off their best levels yesterday but still ended with gains of £½ to £1. There was some surprise in the market that the Bank of England had launched a tap during the election campaign.”
13Q87	13.250	22 Jan 1987	22 Feb 1979			7.92	13¼% Exchequer 1987	GB0003250486
2H86	2.500	21 Nov 1986	24 Nov 1983			2.99	2½% Exchequer 1986	GB0003259412
14%86	14.000	29 Oct 1986	19 Nov 1981			4.94	14% Exchequer 1986	GB0003258992		14%86 and 11%89 are the only post-WW2 gilts to mature on the 29th of the month (and, until the COVID19 pandemic, 15H98 and 7Q98 the only to mature on the 30th).
12Q86	12.250	14 July 1986	09 June 1982			4.10	12¼% Treasury Con(?) 1986	GB0009071340
8H8486	8.500	10 July 1986 (10 July 1984)	12 Aug 1970			13.91	8½% Treasury Loan 1984–1986	GB0009030247
12%86	12.000	12 June 1986	11 Feb 1981			5.34	12% Treasury 1986	GB0009055921
3%86	3.000	19 May 1986	04 Mar 1981			5.21	3% Treasury 1986	GB0009043737
10H86	10.500	19 May 1986	14 Mar 1983			3.18	10½% Exchequer Convertible 1986	GB0003262341		Convertible into 10H99. From The Times, 15 Mar 1983: “The Government yesterday took the unusual move of announcing a new short tap the day before the Budget. This was £1,000m of 10½ per cent Exchequer Converible [sic] Stock 1986 at a price of £98.75. It will be issued partly paid, and be traded tomorrow morning immediately after the Budget. … The stock is convertible into 10½ per cent Treasury 1999, a yield declining from 10.3 at the first conversion date of May 1984, to 9.73 per cent at the last conversion date of November 1985.” There wasn’t a prospectus in The Times, and it isn’t clear what is meant by “yield”. But with errors of only a few basis points, this might imply conversion rates of £97, £95, £93, and £91.
10%86	10.000	11 Apr 1986	17 Aug 1983	11 Apr 1984	5.9903	2.65	10% Treasury Convertible Stock 1986	GB0009080747		10%86 was convertible into 10%02.
11T86	11.750	25 Feb 1986	16 Oct 1980			5.36	11¾% Exchequer 1986	GB0003257473
12Q85	12.250	22 Nov 1985	25 June 1980			5.41	12¼% Exchequer 1985	GB0003251450
8T85	8.750	03 Sep 1985	04 Nov 1982			2.83	8¾% Treasury Conv(?) 1985	GB0009074682
11H85	11.500	15 July 1985	01 Apr 1981			4.29	11½% Treasury 1985	GB0009018135		Mentioned in the BoE Quarterly Bulletin, June 1981, p176.
3%85	3.000	21 May 1985	29 May 1980			4.98	3% Treasury 1985	GB0009049312
12%85	12.000	22 Mar 1985	28 Jan 1981			4.15	12% Exchequer Conv(?) 1985	GB0003258224
15%85	15.000	22 Feb 1985	22 Nov 1979			5.25	15% Treasury 1985	GB0009048785
12%84	12.000	26 Sep 1984	21 June 1979			5.26	12% Treasury 1984	GB0009050203
3%84	3.000	19 June 1984	19 July 1979			4.92	3% Exchequer 1984	GB0003251567
14%84	14.000	22 May 1984	10 Jan 1980			4.37	14% Exchequer 1984	GB0003250262
11Q84	11.250	20 Feb 1984	15 Aug 1979			4.51	11¼% Exchequer 1984	GB0003252193
5H8284	5.500	15 Jan 1984 (15 Jan 1982)	14 Feb 1958			23.92	5½% Funding 1982–1984	GB0003557880
10%83	10.000	12 Dec 1983	16 June 1978			5.49	10% Exchequer 1983	GB0003251120
13H83	13.500	22 Nov 1983	23 Jan 1980			3.83	13½% Exchequer 1983	GB0003250593
9Q83	9.250	18 July 1983	25 Aug 1977			5.90	9¼% Treasury 1983	GB0009040725
12%83	12.000	17 Mar 1983	21 Mar 1974			8.99	12% Treasury 1983	GB0009025262
3%83	3.000	21 Feb 1983	25 Aug 1977			5.49	3% Exchequer 1983	GB0003253381
8T83	8.750	05 Jan 1983	02 Mar 1978			4.84	8¾% Exchequer 1983	GB0003255873
9Q82	9.250	22 Sep 1982	06 Apr 1977			5.46	9¼% Exchequer 1982	GB0003256392
8Q82	8.250	05 July 1982	22 Sep 1977			4.79	8¼% Treasury 1982	GB0009020768
14%82	14.000	16 Mar 1982	11 Nov 1976			5.35	14% Treasury 1982	GB0009027755
3%82	3.000	15 Feb 1982	14 Oct 1976			5.34	3% Treasury 1982	GB0009031328
8H8082	8.500	15 Jan 1982 (15 Jan 1980)	28 Jan 1970			9.96	8½% Treasury 1980–1982	GB0009030809
12T81	12.750	23 Nov 1981	13 Jan 1977			4.86	12¾% Exchequer 1981	GB0003254793
3%81	3.000	21 Aug 1981	13 Oct 1977			3.86	3% Exchequer 1981	GB0003253274
9H81	9.500	04 Aug 1981	04 Aug 1977			4.00	9½% Exchequer 1981	GB0003256848
8Q81	8.250	12 June 1981	15 Dec 1977			3.49	8¼% Exchequer 1981	GB0003254918
9T81	9.750	01 Apr 1981	01 Apr 1976			5.00	9¾% Treasury 1981	GB0009039503
3H7981	3.500	15 Feb 1981 (15 Feb 1979)	15 Feb 1951			28.00	3½% Treasury 1979–1981	GB0009031658
11H81	11.500	15 Jan 1981	16 Oct 1975	15 Dec 1975	2.87	5.25	11½% Treasury Stock 1981	GB0009022145
13%80	13.000	25 Nov 1980	25 Nov 1976			4.00	13% Exchequer 1980	GB0003254579
5Q7880	5.250	15 June 1980 (15 June 1978)	19 Feb 1964			14.32	5¼% Funding 1978–1980	GB0003557666
3H7780	3.500	15 June 1980 (15 June 1977)	15 June 1950			27.00	3½% Treasury Stock 1977–1980	GB0009031435
9H80	9.500	14 May 1980	12 June 1975	14 Nov 1975	4.04	4.92	9½% Treasury Stock 1980	GB0009024299
9%80	9.000	03 Mar 1980	14 Mar 1973	03 Sep 1980	4.50	6.97	9% Treasury Convertible Stock 1980	GB0009025049		Convertible into 9%00 at a yield of ≈10.064%, as explained in ¶10 of the prospectus published in The Times on 9 March 1973: “The Stock will either be repaid at par on 3rd March 1980, or, at the option of holders, may be converted as at that date into 9 per cent Conversion Stock 2000 (hereinafter referred to as "Conversion Stock") at the rate of £110 nominal of Conversion Stock for every £100 nominal of 9 per cent Treasury Convertible Stock 1980 converted: a notice setting out the administrative arrangements for the exercise of the option will be issued at the appropriate time.” This was the only convertible gilt (of which the author is aware) that was convertible at maturity. I suspect that the BoE later realised that, until very soon before maturity, it would not know what cash needed to be paid, perhaps complicating its money-market operations. This might be why subsequent convertibles had options that expired before maturity.
10H79	10.500	01 Nov 1979	05 Feb 1975			4.74	10½% Treasury 1979	GB0009022699
3%79	3.000	17 Sep 1979	14 Mar 1973	17 Sep 1973	1.54	6.51	3% Treasury 1979	GB0009025486
11H79	11.500	09 Mar 1979	19 Sep 1974			4.47	11½% Treasury 1979	GB0009023887
5%7678	5.000	26 Sep 1978 (26 Sep 1976)	22 Apr 1963			13.43	5% Exchequer 1976–1978	GB0003255212
10H78	10.500	14 July 1978	23 Jan 1975			3.48	10½% Treasury 1978
9%78	9.000	15 Mar 1978	13 Mar 1975	15 Sep 1975	4.59	3.01	9% Treasury Stock 1978	GB0009024638
3%77	3.000	15 Nov 1977	02 Jan 1975			2.87	3% Treasury 1977
11H77	11.500	26 Sep 1977	18 Apr 1974	26 Sep 1974	5.08	3.44	11½% Treasury Stock 1977	GB0009023663
6Q77	6.250	10 Mar 1977	15 Sep 1971			5.49	6¼% Treasury 1977	GB0009034884
10H76	10.500	14 Dec 1976	27 Sep 1973			3.21	10½% Treasury 1976	GB0009025601
6H76Tr	6.500	15 Aug 1976	22 June 1965			11.15	6½% Treasury 1976	GB0009032409		The short name 6H76 would not distinguish between 6½% Exchequer March 1976 and 6½% Treasury August 1976.
6H76Ex	6.500	01 Mar 1976	23 Feb 1971			5.02	6½% Exchequer 1976	GB0003256624
3%6575	3.000	15 Aug 1975 (15 Aug 1965)	08 Aug 1944			21.02	3% S(?) B(?) 1965–1975	GB0007776619
8%75	8.000	15 May 1975	08 May 1973			2.02	8% Treasury 1975	GB0009024851
6%75	6.000	01 Feb 1975	15 July 1971	01 Feb 1972	3.31	3.54	6% Treasury Stock 1975	GB0009029025
6T74	6.750	11 Dec 1974	12 Aug 1970	11 Dec 1970	2.241⅔	4.33	6¾% Treasury Stock 1974	GB0009028837
5H74	5.500	10 Sep 1974	15 Sep 1971			2.99	5½% Treasury 1974	GB0009034660
5Q73	5.250	10 Dec 1973	15 Sep 1971			2.24	5¼% Treasury 1973	GB0009034223
6T73	6.750	15 Jan 1973	19 Feb 1968			4.91	6¾% Exchequer 1973	GB0003254025		GB0003254025 subsequently the ISIN of GKN-B.
4%6090	4.000	01 ??? 1990 (01 ??? 1960)	12 July 1919			53.30	4% Funding 1960–1990	GB0003556692		From Wormell (1985) (page): “in the late 1950s … it was rumoured that the tax reclaimed from the Inland Revenue on an interest payment on 4% Funding 1960/90 was greater than the value of the interest payment itself”. Called (with typo) to mature on 01 Nov 1972. It seems that 01 Nov was a coupon date, so the call and final maturity were either in May or in Nov.
6Q72	6.250	08 Aug 1972	03 Feb 1967			5.51	6¼% Exchequer 1972	GB0003256285		GB0003256285 subsequently the ISIN of Exeter Investment Group Plc.
6T71	6.750	10 Sep 1971	13 Oct 1966			4.91	6¾% Exchequer 1971	GB0003256061		The 'A' tranche (6T71A), issued 05Jan1970, had Sᴇᴅᴏʟ 0-325-617, the same as that of 10H97.
6H71	6.500	28 Jan 1971	28 July 1967			3.50	6½% Treasury 1971	GB0009030023
3%6070	3.000	01 Sep 1970 (01 Sep 1960)	01 May 1942			18.33	3% S(?) B(?) 1960–1970
6%70	6.000	01 Mar 1970					6% Exchequer 1970	GB0003255873
6H69	6.500	11 Aug 1969	22 June 1965			4.14	6½% Exchequer 1969
3%5969	3.000	15 Apr 1969 (15 Apr 1959)	04 Apr 1934			25.03	3% Funding 1959–1969
3%6668	3.000	01 Aug 1968 (01 Aug 1966)	03 Nov 1950			15.74	3% Funding 1966–1968
4%68	4.000	15 Mar 1968	25 Sep 1963			4.47	4% Exchequer 1968
5%67	5.000	21 Nov 1967	20 June 1962			5.42	5% Exchequer 1967
2H6467	2.500	01 May 1967 (01 May 1964)	17 May 1946			17.96	2½ S(?) B(?) 1964–1967
5H66	5.500	15 Mar 1966	14 Jan 1958			8.17	5½% Exchequer 1966
3%5565	3.000	15 Aug 1965 (15 Aug 1955)	02 Jan 1941			14.62	3 S(?) B(?) 55–65
4%65	4.000	01 Feb 1965	04 Oct 1962			2.33	4% Treasury 1965
4H64	4.500	14 May 1964	29 Jan 1960			4.29	4½% Cv(?) 1964
4T63	4.750	15 June 1963	03 Feb 1961			2.37	4¾% Cv(?) 1963
3%6263	3.000	14 June 1963 (14 June 1962)	05 Oct 1953			8.69	3% Exchequer 1962–1963
5H62	5.500	14 Nov 1962	15 July 1960			2.33	5½% Treasury 1962
4H62	4.500	15 Feb 1962	08 May 1957			4.77	4½% Cv(?) 1962
2H5661	2.500	15 Apr 1961 (15 Apr 1956)	04 Dec 1935			20.36	2½% Funding 1956–1961
3%60	3.000	03 Mar 1960	03 Mar 1953			7.00	3% Exchequer 1960
3%59	3.000	15 Oct 1959	13 Mar 1940			19.59	3% War 1955–1959
2%59	2.000	15 Jan 1959	03 June 1954			4.62	2% Cv(?) 1958–1959
3%5458	3.000	15 July 1958 (15 July 1954)	15 June 1938			16.08	3% Nt(?) Def(ence?) 1954–1958
4%5758	4.000	15 June 1958 (15 June 1957)	13 Oct 1955			1.67	4% Cv(?) 1957–1958
5%57	5.000	15 June 1957	07 Mar 1956			1.27	5% Exchequer 1957
2T5257	2.750	15 June 1957 (15 June 1952)	19 Nov 1936			15.57	2¾% Funding 1952–1957
2H5456	2.500	15 Aug 1956 (15 Aug 1954)	13 June 1945			9.17	2½% Nat(ional?) WR(?) 1954–1956
3%55	3.000	14 Nov 1955	06 Oct 1952			3.11	3% S(? …pecial?) Funding 1955
1T54	1.750	14 Nov 1954	06 Oct 1952			2.11	1¾ S(? …pecial?) Funding 1954
2H5254	2.500	01 Mar 1954 (01 Mar 1952)	01 Sep 1943			8.50	2½% Nat(ional?) WR(?) 1952–1954
1T53	1.750	14 Nov 1953	06 Oct 1952			1.11	1¾ S(? …pecial?) Funding 1953
2H5153	2.500	01 Mar 1953 (01 Mar 1951)	01 Dec 1942			8.25	2½% Nat(ional?) WR(?) 1951–1953
3%4853	3.000	01 Mar 1953 (01 Mar 1948)	03 Nov 1932			15.33	2½% Nat(ional?) WR(?) 1951–1953
2H4951	2.500	01 Aug 1951 (01 Aug 1949)	09 Oct 1941			7.81	2½% Nat(ional?) WR(?) 1949–1951
1T50	1.750	15 Feb 1950	07 Nov 1944			5.27	1¾ Exchequer 1950
2H4648	2.500	15 Aug 1948 (15 Aug 1944)	02 Jan 1941			3.62	2½% National War Bonds 1946–1948			This and other nearby gilts mentioned in the London Gazette on 10 Feb 1948, 24 Feb 1948, and 23 March 1948.
2H4448	2.500	15 Sep 1946	29 Apr 1937			9.38	2½% National Defence Bonds 1944–1948			2H4448 might have been called, causing the mis-match between name and maturity. Mentioned in the London Gazette on 14 Mar 1939.
2H4547	2.500	01 July 1946	25 June 1940			6.02	2½% National War Bonds 1945–1947			2H4547 might have been called, causing the mis-match between name and maturity.
2H4449	2.500	01 Apr 1946	24 Mar 1933			13.02	2½% Cv(?) 1944–1949			2H4449 might have been called, causing the mis-match between name and maturity.
5%2947	5.000	?? ??? 1947 (?? ??? 1929)					5% War Loan 1929–1947			Called, with holders having the option to accept 3½% War Loan instead of the £100 principal. See the London Gazettes of 30 June 1932 and 12 July 1932, and the Edinburgh Gazette of 05 July 1932. There is a myth than this conversion was a ‘default’. It wasn’t: the bond was called; those wanting cash were paid cash; others took the new 3½% War Loan instead. As an example of the spread of the myth, see the Financial Times, 14 Apr 2020, The calls for sovereign debt relief are mounting, and the discussion in the comments underneath. That discussion pointed to Reinhart (2010), p114 of which incorrectly says “In 1932, World War I debts are restructured”; and Reinhart & Rogoff (2013), p14 correctly saying that “This domestic debt conversion was apparently voluntary”. There was also a link to an extract from Kynaston (who is always a solid source).

Coupon Strips (⇑ Top ⇑, ↑ to The Gilts ↑)

Coupon strips (of the same payment date) from different gilts are fungible and indistinguishable. Principal strips are in the above table of gilts; indentifiers for coupon strips follow.

Early in the strip market the BoE seemed to believe that WI gilts would be stripped, and hence those coupons would need separate ISINs.

There is no published policy to end the strip market. But new strippable gilts are infrequent; the last extension of the strippable curve was in Nov 2005 when 4Q55 became strippable; and the last time a new coupon strip was ‘created’ (in the sense of being assigned an ISIN) was in June 2009 when 4Q39 became strippable.