Date : Thursday 06 May 2021 4:00PM 16:00 06/05/21 APF Gilt Operation Schedule Date of operation 10/05/21 Total size of operation Stg 1,147mn Stocks offered for purchase UKT_0.625_070625 UKT_0.125_300126 UKT_1.25_220727 UKT_0.125_310128 Settlement date 11/05/21 Date of operation 11/05/21 Total size of operation Stg 1,147mn Stocks offered for purchase UKT_4.5_071242
UKT_3.25_220144 UKT_3.5_220145 UKT_4.25_071246 UKT_1.5_220747 UKT_1.75_220149 UKT_4.25_071249 UKT_0.625_221050 UKT_1.25_310751 UKT_3.75_220752 UKT_1.625_221054 UKT_4.25_071255 UKT_1.75_220757 UKT_4_220160 UKT_2.5_220765 UKT_3.5_220768
UKT_1.625_221071 Settlement date 12/05/21 Date of operation 12/05/21 Total size of operation Stg 1,147mn Stocks offered for purchase UKT_1.625_221028 UKT_0.875_221029 UKT_0.375_221030 UKT_0.25_310731 UKT_4.5_070934 UKT_4.25_070336 UKT_1.75_070937 UKT_4.75_071238 UKT_4.25_070939
UKT_4.25_071240 Settlement date 13/05/21 UKT 2.75% 2024, UKT 5% 2025, UKT 2% 2025, UKT 1.5% 2026, UKT 4.25% 2027, UKT 6% 2028, UKT 4.75% 2030 and UKT 4.25% 2032 are excluded from Asset Purchase Facility gilt purchases until further notice, since the Bank's holdings are above 70% of the "free float"; i.e. the total amount in issue minus government holdings. UKT 0.375% 2026 will be excluded from the 10/05/21 operation because it will be auctioned by the DMO within one week of the purchase operation. UKT 1.25% 2041, UKT 0.875% 2046 and UKT 0.5% 2061 will be excluded from the 11/05/21 operation because they will be auctioned by the DMO within one week of
the purchase operation. UKT 0.625% 2035 will be excluded from the 12/05/21 operation because it will be auctioned by the DMO within one week of the purchase operation. The Bank will continue to keep the identity of gilts eligible for purchase by the APF under review. For further operational detail, see the Bank's Market Notices of 6 May 2021 and 13 August 2020.
15:00 06/05/2021 Asset Purchase and Covid Corporate Facility Stocks The table below shows the outstanding stock of purchases, in terms of initial proceeds paid, under both the Asset Purchase Facility and the Covid Corporate Financing Facility. Figures are for settled transactions as at the close of business on the date indicated. Stock (Stg mn) Date Gilt purchases 794,862 05/05/2021 Corporate Bond Purchase Scheme 19,799 05/05/2021 Covid Corporate Financing Facility 6,789 05/05/2021
14:49 06/05/21 Asset Purchase Facility gilt purchase operation results Competitive offers Total offers received Stg 4,226.7mn Total offers accepted Stg 1,480.0mn The cover ratio in the competitive auction was therefore 2.86 In the operation overall, total offers accepted, in terms of total proceeds, were Stg 1,480.0mn Competitive auction results Summary Bond Offers Received Offers Accepted WAAP Highest AAP UKT_0.625_070625 Stg 994.8mn Stg 451.4mn 101.641 101.650
UKT_0.125_300126 Stg 2,052.2mn Stg 807.2mn 99.014 99.030 UKT_1.25_220727 Stg 282.5mn Stg 157.5mn 104.624 104.629 UKT_0.125_310128 Stg 897.2mn Stg 63.8mn 96.994 97.002 UKT_0.625_070625 Total offers received Stg 994.8mn Total offers accepted Stg 451.4mn Weighted average yield 0.221% Weighted average price 101.641 Highest accepted price 101.650 Lowest accepted price 101.639 Tail 0.01 Offers at the highest accepted price were allotted 100.00% of the value of the offer.
UKT_0.125_300126 Total offers received Stg 2,052.2mn Total offers accepted Stg 807.2mn Weighted average yield 0.335% Weighted average price 99.014 Highest accepted price 99.030 Lowest accepted price 98.990 Tail 0.02 Offers at the highest accepted price were allotted 100.00% of the value of the offer. UKT_1.25_220727 Total offers received Stg 282.5mn Total offers accepted Stg 157.5mn Weighted average yield 0.493%
Weighted average price 104.624 Highest accepted price 104.629 Lowest accepted price 104.615 Tail 0.01 Offers at the highest accepted price were allotted 100.00% of the value of the offer. UKT_0.125_310128 Total offers received Stg 897.2mn Total offers accepted Stg 63.8mn Weighted average yield 0.581% Weighted average price 96.994 Highest accepted price 97.002 Lowest accepted price 96.989 Tail 0.01
Offers at the highest accepted price were allotted 8.00% of the value of the offer. No non-competitive offers were received.
12:30 06/05/21 APF Gilt Operation The total of non-competitive offers received was Stg 0mn. The size of the competitive auction, in terms of the total proceeds of gilts to be purchased, will be Stg 1,480mn. Offers in the competitive auction may be submitted in Btender between 14:15-14:45. 12:01 APF: Gilt Purchases - Market Notice 6 May 2021 At its meeting ending on 5 May 2021, the MPC voted for the Bank of England to continue with its existing programme of UK government bond purchases, financed by the issuance of central bank reserves, maintaining the target for the stock of these purchases at Stg 875 billion.
The existing programme of Stg 150 billion of UK government bond purchases had started in January and its completion was expected by around the end of 2021. As envisaged since the announcement of the programme in November 2020 and consistent with developments in financial markets since then, the pace of these continuing purchases could now be slowed somewhat. This operational decision should not be interpreted as a change in the stance of monetary policy. As measured by the target stock of purchased assets, that stance remained unchanged. [cont.] Asset Purchase Facility: Gilt Purchases 1. This market notice sets out details of the Bank's planned APF gilt purchases taking place from the week commencing 10 May 2021 up to and including the week commencing 2 August 2021 - which is the week of the MPC's August meeting. It covers the ongoing Stg 150bn of gilt purchases announced in
November 2020, and the reinvestment of proceeds of a gilt maturity occurring on 7 June 2021. 2. The Bank intends to purchase evenly across the three gilt maturity sectors. For operations scheduled between 10 May 2021 and 4 August 2021 the planned size of auctions will be Stg 1.147bn for each maturity sector. This auction size includes the reinvestment of the Stg 16.4bn cash flows associated with the maturity on 7 June 2021 of a gilt owned by the APF. [cont.] 3. The Bank plans to conduct three 30 minute auctions a week: gilts with a residual maturity of 3-7 years will be purchased on Mondays at 14:15; those with a residual maturity of over 20 years will be purchased on Tuesdays at 14:15; and those with a residual maturity of 7-20 years will be purchased on Wednesdays at 14:15. All times are London time.
4. The Bank will not hold a gilt purchase operation on Monday 31 May 2021 due to the UK bank holiday. This operation - for short maturity bonds - will instead be held on Thursday 3 June 2021. 5. As usual, the size of auctions will be kept under review throughout the purchase programme in light of market conditions. 6. The Bank will confirm details of the following week's operations each Thursday at 16:00 (London time). The range of gilts eligible for purchase will remain unchanged from previous operations. The Bank does not currently intend to purchase gilts where the Bank holds more than 70% of the "free float", i.e. the total amount in issue minus government holdings. The Bank will, however, continue to keep the gilts eligible for purchase by the APF under review. 7. Other than as amended by this Market Notice, previous Market Notices
relating to the Bank's gilt purchases under the APF will apply. Footnotes  This is in addition to a target stock of Stg 20bn of corporate bonds, making a total target stock of asset purchases of Stg 895bn.  https://www.bankofengland.co.uk/-/media/boe/files/monetary-policy-summary-a nd-minutes/2020/november-2020.pdf [cont.]  The current consolidated Market Notice can be found at https://www.bankofengland.co.uk/markets/market-notices/2020/consolidated-market -notice-for-asset-purchase-facility-gilt-purchases-august-2020 ENDS
09:00 06/05/21 APF Gilt Operation. The total of non-competitive offers for today's auction will be announced at 12:30. Date of operation 06/05/21
Time for submission of competitive offers 14:15 - 14:45 Auction type Variable price operation Allotment method Discriminatory price basis Minimum offer amount Stg 5mn Multiples of Stg 1mn Total size of operation Stg 1,480mn Eligible stocks Settlement date UKT_0.625_070625 07/05/21 [cont.] UKT_0.125_300126 07/05/21 UKT_1.25_220727 07/05/21 UKT_0.125_310128 07/05/21 Non-competitive offers must be received by the Bank no later than 11am. The minimum offer amount and increment for non-competitive offers are currently each set at Stg 1 million.