You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

LONDON--(BUSINESS WIRE)-- Eastcheap Court 11 Philpot Lane London EC3M 8UD Tel 020 7862 6500 www.dmo.gov.uk 6 October 2020 PRESS NOTICE AUCTION OF BRITISH GOVERNMENT STOCK Auction Details Auction Date Tuesday, 13 October 2020 Issue and Settlement Date Wednesday, 14 October 2020 Bidding Convention Fully paid Bid Price (see Note 1) Accrued Interest payable with bid 0.399456521739 per 100 nominal Auction Open 10:30am London Time Auction Close 11:30am London Time Post Auction Option Facility Open 2:00pm London Time Post Auction Option Facility Close 2:30pm London Time Details of Security Title 1% Treasury Gilt 2057 Amount (nominal) for auction 1,250 million (fungible with previous issues) (see Note 3) Nominal outstanding after auction 26,379.5 million Maturity Date 22 July 2057 at par Interest Payment Dates 22 January and 22 July ISIN Code GB00BD0XH204 SEDOL Code B-D0X-H20 Strippable No (see Note 4) Interest Payable Gross (see Note 2) Next Interest Payment Date 22 January 2021 (Standard Coupon) Note 1: Bids may be made on either a competitive or a noncompetitive basis. Details of the bidding procedures are set out in the prospectus and in the Information Memorandum. Giltedged Market Makers may bid by means of the Bloomberg Bond Auction System to the DMO not earlier than 10.30 am on Tuesday, 13 October 2020 and not later than 11.30 am on Tuesday, 13 October 2020. Note 2: Holders may elect to have United Kingdom income tax deducted from interest payments, should they so wish, on application to the Registrar, Computershare Investor Services PLC. Note 3: Subject to the provisions of the Information Memorandum, this auction will be eligible for the Post Auction Option Facility of an additional amount of the Gilt equivalent to 25% of the nominal amount of the Gilt allocated at the auction. Details of the Post Auction Option Facility procedures are set out in the Information Memorandum as supplemented by the prospectus. Note 4: The Gilt may not be stripped and reconstituted until so specified in a notice issued by the DMO. Documentation Prospectus for auction of 1,250 million of 1% Treasury Gilt 2057 DMO : 6 October 2020 Available on the DMOs Gilt Market Publications webpage at: https://www.dmo.gov.uk/publications/ Information Memorandum relating to the Issue, Stripping and Reconstitution of British Government Stock DMO : 31 March 2020 https://www.dmo.gov.uk/media/16368/infmemadd310320.pdf Formulae for Calculating Gilt Prices from Yields DMO : 16 March 2005 http://www.dmo.gov.uk/media/1955/yldeqns.pdf Applications from Members of the Approved Group of Investors For this auction applications may not be made by members of the Approved Group.

Answer: Issue of Debt