Quarterly Review
October - December 2022

www.dmo.gov.uk

Debt Portfolio Overview
Debt portfolio statistics
31 March 2022

30 June 2022

30 September 2022

30 December 2022

Gross values
Uplifted nominal value of the debt portfolio£2,140.04bn£2,210.83bn£2,218.69bn£2,335.37bn• Conventional gilts4• Index-linked gilts• Treasury bills3£1,593.13bn£1,634.27bn£1,626.14bn£1,721.70bn£510.10bn£539.76bn£556.54bn£556.17bn£36.80bn£36.80bn£36.00bn£57.50bn

14.86 years

14.74 years

14.90 years

14.67 years

Average maturity of the debt portfolio

1

Gilt portfolio

15.12 years

14.99 years

15.14 years

15.04 years• Conventional gilts• Index-linked gilts

14.20 years

14.04 years

14.29 years

13.98 years

17.98 years

17.87 years

17.61 years

18.32 years

Net values2
Uplifted nominal value of the debt portfolio£2,040.48bn£2,097.22bn£2,092.58bn£2,174.20bn• Conventional gilts4• Index-linked gilts• Treasury bills3£1,499.99bn£1,527.26bn£1,506.76bn£1,567.31bn£503.69bn£533.16bn£549.82bn£549.39bn£36.80bn£36.80bn£36.00bn£57.50bn

Average maturity of the debt portfolio

14.88 years

14.77 years

14.93 years

14.70 years

Gilt portfolio

15.15 years

15.02 years

15.19 years

15.09 years• Conventional gilts• Index-linked gilts

14.16 years

13.99 years

14.26 years

13.92 years

18.10 years

17.98 years

17.73 years

18.44 years

1

These portfolio statistics exclude the £500m UK Sovereign Sukuk issue which was launched on 25 March 2021.
1. Based on nominal values, including inflation uplift. The difference between the debt portfolio average maturity statistic included in the table above and the one presented at the table at the top of thenext page (calculated off market values) is driven by the divergence of gilts’ prices from their par values. In the current low interest rate environment, the effect is to increase the average maturity of themarket value calculation.
2. The “net values” category excludes gilts held by the DMO.
3. For debt management purposes. Treasury bills issued for cash management purposes are excluded from the Quarterly Review statistics from June 2016 onwards. More information on T-billdata revisions as well as the complete quarterly debt portfolio history can be found via the ‘Data’ section of the DMO’s website under the ‘Gilt Market’ link: https://dmo.gov.uk/data/gilt-market/
4. Data covering conventional gilts for December 2022 in the table above and the first table on page 2 include green gilt sales of £22.5bn. The respective data for September 2022 and June 2022 include
gilt green gilt sales of £20.5bn and £18.1bn respectively and for March 2022, £16.1bn.

Composition of gilt and Treasury bill portfolio
Treasury bills
2.6%

Index-linked
25.3%

Evolution of gilt portfolio composition

Short conventional(<=3 yrs)
15.9%

Net uplifted amount of the gilt portfolio (£bn) (RHS)
Short (LHS)
Medium (LHS)Long (LHS)
Index-linked (LHS)

45%
40%

Short
conventional(>3 yrs, <=7
yrs)
14.9%

35%

2,500

2,000

30%

1,500

25%
20%

1,000

15%
10%

0%

Debt portfolio
Gilt portfolio
Conventional
Index-linked

22

Jun-22

Dec-22Jun-21

Dec-21

Jun-20Dec-20Jun-19Dec-19Jun-18Dec-18Jun-17

Dec-17

Jun-16

Dec-16Jun-15

Dec-15Jun-14

Dec-14Jun-130

Dec-12

Based onon netnet uplifted
upliftedvalues
values

24

500

5%

Medium conventional(>7 yrs, <=15 yrs)
14.3%

Dec-13Long
conventional(>15 yrs)
26.9%

Based onon netnet uplifted
upliftedvalues
valuesMaturity evolution (years)

Average portfolio yield evolution%
5.0

Conventional
Index-linked

4.0
3.0

20

2.0

18

1.0

16

Based onon netnet uplifted
upliftedvalues
valuesBased on net market values

Dec-22Jun-22

Dec-21

Jun-21

Dec-20Jun-20Dec-19Jun-19Dec-18Jun-18Dec-17

Jun-17

Dec-16Jun-16

Dec-15Jun-15Jun-14

Dec-14

Dec-13Jun-13Jun-22

Dec-22Jun-21

Dec-21

Jun-20Dec-20Jun-19Dec-19Jun-18Dec-18Jun-17

Dec-17

Jun-16

Dec-16Jun-15

Dec-15Jun-14

Dec-14-3.0
Jun-1310

Dec-13-2.0

Dec-12-1.0

12Dec-120.0

14

Quarterly Review October – December 20222

Debt Portfolio - Market Value Statistics
30 September 2022 30 December 2022
Gross Values

30 September 2022 30 December 2022
Net Values

Portfolio market value

Portfolio market value

Debt portfolio£2,077.07bn£2,135.83bn

Debt portfolio£1,949.97bn£1,977.70bn• Conventional gilts• Index-linked gilts• Treasury bills£1,413.81bn£1,509.45bn£1,359.46bn£569.39bn£619.14bn£561.24bn£35.76bn£57.00bn• Conventional gilts• Index-linked gilts• Treasury bills£1,295.07bn£627.50bn£35.76bn£57.00bn

4.07%

3.70%

Average portfolio yield

Average portfolio yield• Conventional gilts• Index-linked gilts

4.07%

Debt portfolio average maturity• Conventional gilts• Index-linked gilts

3.71%-0.30%

0.24%

14.72 years

13.77 years

Debt portfolio average maturity

9.55 years

9.08 years

17.58 years

16.91 years• Conventional gilts• Index-linked gilts

Average modified duration-0.30%

0.25%

14.74 years

13.77 years

9.52 years

9.02 years

17.71 years

17.05 years

Average modified duration• Conventional gilts• Index-linked gilts

Gilt Market
Nominal spot yield curve%

5.0Real spot yield curve

%

1.5

4.5

1.0

4.0

0.5

3.5
3.0

0.0

2.5

0

5

10

15

20

25

-0.5

30

years

35

40

45

50

55

60

2.0

0

5

10

15

20

25

30

years

35

40

45

50

-1.5

55

60

Conventional gilt yields%

5.0

Index-linked gilt yields

%

2.0

4.5

1.5

4.0

1.0

3.5

0.5

3.0

0.0

2.5

-0.5

Inflation spot curve%

5.0

5-year30-year-1.5

4.5

5-year30-year

4.5

30-Dec-22

23-Dec-22

16-Dec-22

09-Dec-22

02-Dec-22

25-Nov-22

18-Nov-22

11-Nov-22

04-Nov-22

28-Oct-22

Break-even inflation rates%

5.0

30-Sep-22
30-Dec-22

10-year50-year-2.0

21-Oct-22

30-Dec-22

23-Dec-22

16-Dec-22

09-Dec-22

02-Dec-22

25-Nov-22

18-Nov-22

11-Nov-22

04-Nov-22

28-Oct-22

21-Oct-22

14-Oct-22

07-Oct-22

30-Sep-22

1.0

-1.0

14-Oct-22

1.5

10-year50-year

07-Oct-22

5-year30-year

30-Sep-22

2.0

10-year50-year

4.0

4.0

3.5

3.5

3.0

3.0

2.5

2.5

55

60

30/12/2022

50

23/12/2022

45

16/12/2022

40

09/12/2022

35

02/12/2022

30

years

25/11/2022

25

18/11/2022

20

11/11/2022

15

04/11/202210

28/10/2022

5

21/10/2022

0

14/10/2022

2.0
07/10/2022

2.0

30-Sep-22
30-Dec-22

30/09/2022

1.0

-1.0

30-Sep-22
30-Dec-22

1.5

Quarterly Review October – December 2022

3

Turnover
Conventional gilt market turnover (£bn)

220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50

Index-linked gilt market turnover (£bn)

30 40

25

35
30

20

25

15 20

15
10

10
5

Sep-17
Dec-22

Sep-16
Dec-21Mar-17
Jun-22

Sep-15
Dec-20

Sep-14
Dec-19Mar-15Jun-20

Sep-13
Dec-18

Total GEMM market turnover (weekly total) (£bn)

160

Customer - IL
Professional - IL
Customer - CV
Professional - CV

Mar-16Jun-21IL - 13avg
IL -weeks
13 weeksavg

0Mar-14Jun-19Jun-22

GEMM turnover by maturity, Q4 2022 (£bn)

250-

Dec-22Jun-21

Dec-21

Jun-20Dec-20Jun-19Dec-19Jun-18Dec-18Jun-17

Dec-17

Jun-16

Dec-16Jun-15

Dec-15Jun-14

Dec-14Jun-13

Dec-12

Professional
Customer

140
120

200

100

150

80

100

60
40

50

20

30-Dec-22

23-Dec-22

16-Dec-22

09-Dec-22

02-Dec-22

25-Nov-22

18-Nov-22

11-Nov-22

04-Nov-22

28-Oct-22

21-Oct-220

14-Oct-22

0-1
1-2
2-3
3-4
4-5
5-6
6-7
7-8
8-9
9-10
10-11
11-12
12-13
13-14
14-15
15-16
16-17
17-18
18-19
19-20
20-21
21-24
24-27
27-30
30-33
33-36
36-39
39-42
42-45
45+
IL short
IL medium
IL long-

07-Oct-22300

Dec-13CV - 13 weeks avg

Sep-07
Dec-12Mar-08Jun-13
Sep-08Dec-13Mar-09Jun-14
Sep-09Dec-14Mar-10Jun-15
Sep-10Dec-15Mar-11
Jun-16
Sep-11
Dec-16
Mar-12
Jun-17
Sep-12
Dec-17Mar-13Jun-185

Turnover figures are based on market values and appear as reported to the DMO by Gilt-edged Market Makers (GEMMs). Professional turnover is defined as turnover with counterparties who are
InterDealer Brokers (IDBs), other GEMMs, DMO or Bank of England. Professional turnover volumes do not account for the effect of possible double counting due to trading with IDBs.

Gilt and Treasury Bill Holdings
Gilt holdings (£mn, market values)

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q3 2022 (%)

Insurance companies and pension funds

703,772

673,486

570,316

512,975

26.8

Overseas740,997

716,688676,313565,030

29.5

Bank of England (Asset Purchase Facility)

893,457

804,496745,585642,661

33.6

Other financial institutions and other

187,800

129,258

94,55893,860

4.9

Monetary financial institutions

113,703

114,200

108,977

95,822

5.0

5,258

4,840

4,256

3,726

0.2

Households and non-profit institutions serving
households
Local authorities and public corporations
TOTAL

809

851

959

847

0.0

2,645,796

2,443,819

2,200,964

1,914,921

100.0

Source: ONS. Figures may not sum due to rounding

Gilt holdings

T-bill holdings

80%

70%

Insurance & Pension sector (%)

60%

BoE (%)
Monetary financial institutions (%)

60%

50%

50%

40%

40%

30%

30%

Source: ONS. These figures can be revised retrospectively.

Source: ONS. These figures can be revised retrospectively.

Sep-22Mar-22

Sep-21

Mar-21

Sep-20Mar-20

Sep-19Mar-19Sep-18Mar-18

Sep-17

Sep-16

Mar-17

Sep-15Mar-16

Sep-14Mar-15Mar-14

Sep-13Mar-13

Sep-22

Sep-21

Sep-20

Sep-19Sep-18

Sep-17

Sep-16

Sep-15

Sep-14

Sep-13

Sep-12

Sep-11

Sep-10

Sep-09Sep-08

Sep-07

Sep-06

Sep-050%
Sep-040%
Sep-0310%

Sep-02

10%

Sep-12

20%

20%

-10%

Overseas holdings (%)
Other financial institutions (%)
Monetary financial institutions (%)
Insurance & Pension sector (%)

Overseas holdings (%)

70%

Quarterly Review October – December 2022

4

Financing Programme
Financing requirements(£bn)

2022-23 (April update)

CGNCR exc. NRAM, B&B and Network Rail1

2022-23 (September update) 2022-23 (Autumn Statement)†

94.3

94.3
72.4

n.a.

107.1

107.1

107.1

2

Additional financing for Growth Plan
Gilt redemptions

136.1

Planned short-term financing adjustment

-33.1

-33.1

-33.1

Gross financing requirement

168.4

240.8

210.2

Contribution from NS&I

6.0

6.0

6.0

Sale of UK sovereign Sukuk

n.a.

n.a.

n.a.

Other financing items3

0.7

0.7

1.4

Less

Net financing requirement

161.7

234.1

202.7

Gilt sales

131.5

193.9

169.5

Change in planned Treasury bill stock

30.2

40.2

33.2

DMO net cash position at end of financial year

2.3

2.3

2.3

Figures may not sum due to rounding†As published on 17 November 2022.
1. Northern Rock Asset Management (NRAM) and Bradford and Bingley (B&B).
2. The Exchequer’s requirement for financing £6.5bn of lending to Network Rail was included in the CGNCR in April 2014.
3. Includes non-governmental deposits, coinage and Certificates of Tax Deposit, foreign exchange transactions relating to the Exchange Equalisation Account. Prior to publication of the end-year
outturn in April each year, this financing item will only comprise estimated revenue from coinage.

80

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00Gilt market flows (£bn)

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-00

Jan-0070

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00Gross gilt issuance (cash)
Coupons
Redemptions
Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00

Feb-00Mar-00Mar-00Mar-00Mar-00

Annual financing requirements (£bn)

550
500
450

60

120%

Gross Issuance
Net issuanceNet debt/GDP (RHS)

100%

400

50

80%

350
300

40

60%

250

30

200

20

150

40%

100

10

20%

50

0

0

Redemption figures are net of official holdings.

Values based on Autumn Statement 2022 estimates and projections. Sources: DMO, OBR
Net issuance in the chart above is defined as gross issuance net of gilt redemptions.

2027-282026-272025-262024-252023-242022-232021-222020-212019-20

2018-192017-18

2016-17

2015-16

2014-152013-142012-132011-122010-11

2009-10

2008-090%

Future gilt redemptions (£bn)
150
140

Index-linked
Conventional

130
120
110
100
90
80
70
60
50
40
30
20
10

2022-232023-242024-252025-262026-272027-282028-292029-30
2030-312031-322032-33
2033-34
2034-35
2035-362036-37
2037-382038-392039-40
2040-41
2041-422042-432043-442044-452045-462046-47
2047-482048-492049-50
2050-512051-522052-532053-542054-552055-562056-57
2057-582058-592059-60
2060-61
2061-622062-632063-642064-652065-662066-67
2067-682068-692069-70
2070-712071-72
2072-732073-74

0

The redemption totals for index-linked gilts in this chart do not reflect the full value of inflation uplift. They are calculated in a way consistent with the formulation of the Government’s financing
requirement; i.e. that part of the accrued inflation uplift on any redeeming gilts that represents the return to investors is included in the CGNCR in that redemption year, and the remainder is includedin the redemption total for the year in which the relevant gilt redeems. More specifically, in cases where an index-linked gilt is re-opened (following an initial issue) any accrued uplift on that gilt thatis accrued before the re-opening occurs will be treated as principal (and therefore part of the redemption total). However, any accrued inflation uplift that occurs after the re-opening of the gilt will betreated as a return to the investor and thus will be included within the CGNCR for the year in which the gilt matures.

Quarterly Review October – December 2022

5

Gilt Operations
Auction calendar - January - March 2023
Auction date

Gilt

Announcement of further details

Thursday 5 January

11.30am

41/8% Treasury Gilt 2027

Thursday 29 December 2022

Tuesday 10 January

10.00am

A new 3¼% Treasury Gilt 2033

Tuesday 3 January

Tuesday 17 January

10.00am

A new 3½% Treasury Gilt 2025

Tuesday 10 January

Thursday 19 January

11.30am0⅛% Index-linked Treasury Gilt 2031

Thursday 12 January

Wednesday 1 February

10.00am

0⅞% Green Gilt 2033

Wednesday 25 January

Tuesday 7 February

10.00am

41/8% Treasury Gilt 2027

Tuesday 31 January

Wednesday 8 February

10.00am

11/8% Treasury Gilt 2039

Wednesday 1 February

Tuesday 14 February

10.00am

The new 3¼% Treasury Gilt 2033

Tuesday 7 February

Tuesday 21 February

11.30am

0½% Treasury Gilt 2029

Tuesday 14 February

Wednesday 22 February

10.00am

1½% Green Gilt 2053

Wednesday 15 February
Wednesday 22 February

Wednesday 1 March

10.00am

3¾% Treasury Gilt 2038

Thursday 2 March

10.00am0⅛% Index-linked Treasury Gilt 2051

Thursday 23 February

Tuesday 7 March

10.00am

The new 3½% Treasury Gilt 2025

Tuesday 28 February

Wednesday 8 March

10.00am

0½% Treasury Gilt 2061

Wednesday 1 March

Tuesday 14 March

10.00am

The new 3¼% Treasury Gilt 2033

Tuesday 7 March

Tuesday 21 March

10.00am

The new 3¾% Treasury Gilt 2053

Tuesday 14 March

Wednesday 22 March

11.30am

41/8% Treasury Gilt 2027

Wednesday 15 March

Gilt Operations
Gilt operations overview
Operation
date

Gilt nameAmount issued (£mn)

Cashraised(£mn)

Average
acceptedyield (%)

Yield Tail(bps)

Bid-tocover ratio
(x)

-

948.1

3.37

4.04

1.97

0.27

2.50

Outright

PAOF

Auctions
04-Oct-22

0½% Treasury Gilt 2061

2,500.005-Oct-22

1% Treasury Gilt 2032

3,000.0750.0

2,851.5

4.12

11-Oct-22

01/8% Index-linked Treasury Gilt 2051

900.0

206.3

870.6

1.55

12-Oct-22

41/8% Treasury Gilt 2027

3,500.0

865.3

4,252.4

4.80

0.79

2.08

18-Oct-22

1¼% Treasury Gilt 2051

2,500.0625.0

1,524.0

4.41

1.51

2.13

0.29

2.75

19-Oct-22

1% Treasury Gilt 2032

3,250.0

812.5

3,096.0

4.11

25-Oct-22

01/8% Index-linked Treasury Gilt 2039

800.0

98.9

1,053.8

0.07

2.42

26-Oct-22

0½% Treasury Gilt 2029

3,500.0-

2,868.2

3.76

0.77

1.96

09-Nov-22

07/8% Green Gilt 2033

2,750.0-

2,064.9

3.71

1.14

2.25

10-Nov-22

41/8% Treasury Gilt 2027

3,500.0875.0

4,459.7

3.63

0.41

2.30

15-Nov-22 10.00am
11.30am

1% Treasury Gilt 2032

3,250.0-

2,631.9

3.43

0.75

2.11

07/8% Treasury Gilt 2046

2,250.0-

1,293.1

3.59

0.52

2.11

23-Nov-22

0¼% Treasury Gilt 2025

3,500.0

59.5

3,329.1

3.35

1.85

1.89

01-Dec-22

1¼% Treasury Gilt 2051

2,250.0

562.5

1,706.3

3.41

0.57

2.10

06-Dec-22 10.00am 41/8% Treasury Gilt 2027
11.30am 11/8% Treasury Gilt 2039

3,250.0

812.5

4,164.1

3.47

0.51

2.20

2,250.0

562.5

1,989.7

3.51

0.20

2.35

2.46

07-Dec-22

01/8% Index-linked Treasury Gilt 2031

700.0

44.7

940.4

-0.56

13-Dec-22

1% Treasury Gilt 2032

3,000.0750.0

3,066.2

3.33

1.10

2.21

20-Dec-22

0¼% Treasury Gilt 2025

3,250.0

369.3

3,360.1

3.81

1.46

2.11

08-Nov-22

33/4% Treasury Gilt 2038

6,000.0

5,769.8

4.08

22-Nov-22

01/8% Index-linked Treasury Gilt 2073

1,500.0

2,166.4-0.39

Syndication(s)3.24

Quarterly Review October – December 2022

6

Treasury Bill Operations
Amount issued at T-bill tenders
Average accepted yields and cover ratios at T-bill tenders

Tender date

1-month3-months

6-months

07-Oct-22£0.5bn£1.5bn£2.0bn14-Oct-22£0.5bn£1.5bn£2.5bn8.0

21-Oct-22£0.5bn£1.5bn£2.5bn7.0

28-Oct-22£0.5bn£1.5bn£2.5bn04-Nov-22£0.5bn£1.0bn£2.5bn11-Nov-22£0.5bn£1.0bn£2.5bn18-Nov-22£0.5bn£1.0bn£2.5bn4.025-Nov-22£0.5bn£1.0bn£2.5bn3.002-Dec-22£0.5bn£1.0bn£2.0bn2.0

09-Dec-22£0.5bn£1.0bn£2.0bn1.0

0.50

16-Dec-22£0.5bn£1.0bn£2.0bn0.0

0.00

23-Dec-22£0.5bn£1.0bn£2.0bnCover Ratio (1M)
Cover Ratio (6M)
Average Accepted Yield (3M)

Cover Ratio (3M)
Average Accepted Yield (1M)
Average Accepted Yield (6M)

4.50
4.00
3.50

6.0

3.00

5.0

2.50
2.00
1.50

23-Dec-22

16-Dec-22

09-Dec-22

02-Dec-22

25-Nov-22

18-Nov-22

11-Nov-22

04-Nov-22

28-Oct-22

21-Oct-22

14-Oct-22

07-Oct-22

1.00

Quarterly Review October – December 2022

7

Annex A - Gilts in Issue
A. Conventional gilts in issue on 30 December 2022
ISIN code

Maturity date

Coupon dates

Total amount in issue(£mn nominal)

0⅛% Treasury Gilt 2023

GB00BL68HG94

31-Jan-23

31 Jan/Jul

33,823.8

0¾% Treasury Gilt 2023

GB00BF0HZ991

22-Jul-23

22 Jan/Jul

34,358.6
35,921.6

Short

2¼% Treasury Gilt 2023

GB00B7Z53659

7-Sep-23

7 Mar/Sep

0⅛% Treasury Gilt 2024

GB00BMGR2791

31-Jan-24

31 Jan/Jul

35,551.1

1% Treasury Gilt 2024

GB00BFWFPL34

22-Apr-24

22 Apr/Oct

35,638.1
35,806.0

2¾% Treasury Gilt 2024

GB00BHBFH458

7-Sep-24

7 Mar/Sep

0¼% Treasury Gilt 2025

GB00BLPK7110

31-Jan-25

31 Jan/Jul

36,531.7

5% Treasury Stock 2025

GB0030880693

7-Mar-25

7 Mar/Sep

37,338.5

0⅝% Treasury Gilt 2025

GB00BK5CVX03

7-Jun-25

7 Jun/Dec

44,622.9

2% Treasury Gilt 2025

GB00BTHH2R79

7-Sep-25

7 Mar/Sep

39,934.0

0⅛% Treasury Gilt 2026

GB00BL68HJ26

30-Jan-26

30 Jan/Jul

35,315.7

1½% Treasury Gilt 2026

GB00BYZW3G56

22-Jul-26

22 Jan/Jul

43,650.7
32,889.6

0⅜% Treasury Gilt 2026

GB00BNNGP668

22-Oct-26

22 Apr/Oct

4⅛% Treasury Gilt 2027

GB00BL6C7720

29-Jan-27

29 Jan/Jul

12,882.7

1¼% Treasury Gilt 2027

GB00BDRHNP05

22-Jul-27

22 Jan/Jul

40,986.8

4¼% Treasury Gilt 2027

GB00B16NNR78

7-Dec-27

7 Jun/Dec

33,002.80⅛% Treasury Gilt 2028

GB00BMBL1G81

31-Jan-28

31 Jan/Jul

31,032.3

1⅝% Treasury Gilt 2028

GB00BFX0ZL78

22-Oct-28

22 Apr/Oct

37,855.3

6% Treasury Stock 2028

GB0002404191

7-Dec-28

7 Jun/Dec

20,255.6

0½% Treasury Gilt 2029

GB00BLPK7227

31-Jan-29

31 Jan/Jul

21,044.5

0⅞% Treasury Gilt 2029

GB00BJMHB534

22-Oct-29

22 Apr/Oct

43,620.1

0⅜% Treasury Gilt 2030

GB00BL68HH02

22-Oct-30

22 Apr/Oct

38,903.7

4¾% Treasury Gilt 2030

GB00B24FF097

7-Dec-30

7 Jun/Dec

42,819.4

0¼% Treasury Gilt 2031

GB00BMGR2809

31-Jul-31

31 Jan/Jul

40,635.9
35,957.4

Medium

1% Treasury Gilt 2032

GB00BM8Z2T38

31-Jan-32

31 Jan/Jul

4¼% Treasury Stock 2032

GB0004893086

7-Jun-32

7 Jun/Dec

40,331.1

0⅞% Green Gilt 2033

GB00BM8Z2S21

31-Jul-33

31 Jan/Jul

15,492.0

4½% Treasury Gilt 2034

GB00B52WS153

7-Sep-34

7 Mar/Sep

36,261.3

0⅝% Treasury Gilt 2035

GB00BMGR2916

31-Jul-35

31 Jan/Jul

34,816.9

4¼% Treasury Stock 2036

GB0032452392

7-Mar-36

7 Mar/Sep

31,681.9

1¾% Treasury Gilt 2037

GB00BZB26Y51

7-Sep-37

7 Mar/Sep

31,968.3

3¾% Treasury Gilt 2038

GB00BQC4R999

29-Jan-38

29 Jan/Jul

6,000.0

4¾% Treasury Stock 2038

GB00B00NY175

7-Dec-38

7 Jun/Dec

26,826.9

1⅛% Treasury Gilt 2039

GB00BLPK7334

31-Jan-39

31 Jan/Jul

17,628.6

4¼% Treasury Gilt 2039

GB00B3KJDS62

7-Sep-39

7 Mar/Sep

24,234.8
26,449.1

Long4¼% Treasury Gilt 2040

GB00B6460505

7-Dec-40

7 Jun/Dec

1¼% Treasury Gilt 2041

GB00BJQWYH73

22-Oct-41

22 Apr/Oct

33,817.2

4½% Treasury Gilt 2042

GB00B1VWPJ53

7-Dec-42

7 Jun/Dec

28,354.3

3¼% Treasury Gilt 2044

GB00B84Z9V04

22-Jan-44

22 Jan/Jul

29,108.6

3½% Treasury Gilt 2045

GB00BN65R313

22-Jan-45

22 Jan/Jul

29,404.4

07/8% Treasury Gilt 2046

GB00BNNGP775

31-Jan-46

31 Jan/Jul

22,982.6

4¼% Treasury Gilt 2046

GB00B128DP45

7-Dec-46

7 Jun/Dec

25,124.2

1½% Treasury Gilt 2047

GB00BDCHBW80

22-Jul-47

22 Jan/Jul

25,721.4

1¾% Treasury Gilt 2049

GB00BFWFPP71

22-Jan-49

22 Jan/Jul

30,223.8

4¼% Treasury Gilt 2049

GB00B39R3707

7-Dec-49

7 Jun/Dec

21,047.4

0⅝% Treasury Gilt 2050

GB00BMBL1F74

22-Oct-50

22 Apr/Oct

31,915.9
28,861.7

1¼% Treasury Gilt 2051

GB00BLH38158

31-Jul-51

31 Jan/Jul

3¾% Treasury Gilt 2052

GB00B6RNH572

22-Jul-52

22 Jan/Jul

25,114.1

1½% Green Gilt 2053

GB00BM8Z2V59

31-Jul-53

31 Jan/Jul

10,854.0

1⅝% Treasury Gilt 2054

GB00BJLR0J16

22-Oct-54

22 Apr/Oct

24,581.1

4¼% Treasury Gilt 2055

GB00B06YGN05

7-Dec-55

7 Jun/Dec

27,671.2

1¾% Treasury Gilt 2057

GB00BD0XH204

22-Jul-57

22 Jan/Jul

30,741.5

4% Treasury Gilt 2060

GB00B54QLM75

22-Jan-60

22 Jan/Jul

25,132.4

0½% Treasury Gilt 2061

GB00BMBL1D50

22-Oct-61

22 Apr/Oct

23,386.2

2½% Treasury Gilt 2065

GB00BYYMZX75

22-Jul-65

22 Jan/Jul

20,574.9

3½% Treasury Gilt 2068

GB00BBJNQY21

22-Jul-68

22 Jan/Jul

20,743.4

1⅝% Treasury Gilt 2071

GB00BFMCN652

22-Oct-71

22 Apr/Oct

24,158.3

1⅛% Treasury Gilt 2073

GB00BLBDX619

22-Oct-73

22 Apr/Oct

10,107.0

Quarterly Review October – December 2022

8

Annex A - Gilts in Issue
B. Index-linked gilts in issue on 30 December 2022
ISIN code

Maturity date

Coupondates

Total amountin issue (£mn
nominal)Index Ratio

Total upliftedamount (£mn
nominal)

GB00B85SFQ54

22-Mar-24

22 Mar/Sep

15,243.9

1.46991

22,407.1
18,565.6

Index-linked gilts - 3-month indexation lag
0⅛% Index-linked Treasury Gilt 2024
0⅛% Index-linked Treasury Gilt 2026

GB00BYY5F144

22-Mar-26

22 Mar/Sep

13,454.8

1.37985

1¼% Index-linked Treasury Gilt 2027

GB00B128DH60

22-Nov-27

22 May/Nov

14,170.2

1.83615

26,018.6

0⅛% Index-linked Treasury Gilt 2028

GB00BZ1NTB69

10-Aug-28

10 Feb/Aug

17,937.0

1.2761222,889.7
23,201.6

0⅛% Index-linked Treasury Gilt 2029

GB00B3Y1JG82

22-Mar-29

22 Mar/Sep

15,458.8

1.500870⅛% Index-linked Treasury Gilt 2031

GB00BNNGP551

10-Aug-31

10 Feb/Aug

10,308.1

1.21366

12,510.5

1¼% Index-linked Treasury Gilt 2032

GB00B3D4VD98

22-Nov-32

22 May/Nov

14,656.7

1.64110

24,053.1

0¾% Index-linked Treasury Gilt 2034

GB00B46CGH68

22-Mar-34

22 Mar/Sep

14,570.3

1.53441

22,356.90⅛% Index-linked Treasury Gilt 2036

GB00BYZW3J87

22-Nov-36

22 May/Nov

13,904.7

1.37042

19,055.3

1⅛% Index-linked Treasury Gilt 2037

GB00B1L6W962

22-Nov-37

22 May/Nov

13,065.7

1.76192

23,020.70⅛% Index-linked Treasury Gilt 2039

GB00BLH38265

22-Mar-39

22 Mar/Sep

7,201.6

1.20089

8,648.3

0⅝% Index-linked Treasury Gilt 2040

GB00B3LZBF68

22-Mar-40

22 Mar/Sep

14,090.0

1.64572

23,188.2

0⅛% Index-linked Treasury Gilt 2041

GB00BGDYHF49

10-Aug-41

10 Feb/Aug

12,447.0

1.27238

15,837.3

0⅝% Index-linked Treasury Gilt 2042

GB00B3MYD345

22-Nov-42

22 May/Nov

12,559.3

1.67715

21,063.80⅛% Index-linked Treasury Gilt 2044

GB00B7RN0G65

22-Mar-44

22 Mar/Sep

15,725.5

1.46989

23,114.80⅛% Index-linked Treasury Gilt 2046

GB00BYMWG366

22-Mar-46

22 Mar/Sep

13,485.6

1.38227

18,640.7

0¾% Index-linked Treasury Gilt 2047

GB00B24FFM16

22-Nov-47

22 May/Nov

11,686.6

1.71508

20,043.50⅛% Index-linked Treasury Gilt 2048

GB00BZ13DV40

10-Aug-48

10 Feb/Aug

11,780.8

1.29674

15,276.7
20,406.9

0½% Index-linked Treasury Gilt 2050

GB00B421JZ66

22-Mar-50

22 Mar/Sep

12,221.2

1.669800⅛% Index-linked Treasury Gilt 2051

GB00BNNGP882

22-Mar-51

22 Mar/Sep

6,638.6

1.21157

8,043.1

0¼% Index-linked Treasury Gilt 2052

GB00B73ZYW09

22-Mar-52

22 Mar/Sep

12,366.0

1.47216

18,204.8
18,853.5

1¼% Index-linked Treasury Gilt 2055

GB00B0CNHZ09

22-Nov-55

22 May/Nov

10,169.2

1.853980⅛% Index-linked Treasury Gilt 2056

GB00BYVP4K94

22-Nov-56

22 May/Nov

7,146.6

1.34525

9,614.00⅛% Index-linked Treasury Gilt 2058

GB00BP9DLZ64

22-Mar-58

22 Mar/Sep

10,953.3

1.39255

15,253.0
18,856.80⅜% Index-linked Treasury Gilt 2062

GB00B4PTCY75

22-Mar-62

22 Mar/Sep

12,479.7

1.510990⅛% Index-linked Treasury Gilt 2065

GB00BD9MZZ71

22-Nov-65

22 May/Nov

8,125.0

1.36823

11,116.90⅛% Index-linked Treasury Gilt 2068

GB00BDX8CX86

22-Mar-68

22 Mar/Sep

12,600.0

1.42705

17,980.80⅛% Index-linked Treasury Gilt 2073

GB00BM8Z2W66

22-Mar-73

22 Mar/Sep

4,400.0

1.15573

5,085.2

2½% Index-linked Treasury Stock 2024

GB0008983024

17-Jul-24

17 Jan/Jul

6,821.2

3.42589

23,368.7

4⅛% Index-linked Treasury Stock 2030

GB0008932666

22-Jul-30

22 Jan/Jul

4,841.2

2.47668

11,990.2

2% Index-linked Treasury Stock 2035

GB0031790826

26-Jan-35

26 Jan/Jul

9,084.0

1.92742

17,508.7

Index-linked gilts - 8-month indexation lag

The DMO calculates the Index Ratio values on the following basis:(a) 3-month lag index-linked gilts: business date following the calculation date (i.e. 3 January 2023 in this case);(b) 8-month lag index-linked gilts (these values are indicative only, and are rounded here for display purposes): calculation date (i.e. 30 December 2022 in this case).

Annex B - Operations Calendar for 2022-23 (as at 31 January 2023)
Q1

Q2

2022

April

1

June

May

  

2
3

  

4

  

  

5

0⅜% 2026

  
  

Q3
July

AugustSeptember

Q4
October

  

1

  

2

  

3

3

4

4

0½% 2061

5

1% 203250⅞% 2046

2

1% 20321¼% 205166    0¼% 2025

7

1% 20328  

1% 2032

8

9

  

  

9

10

0⅞% 2033 (G)

  

10
11

11

IL 205112

41/8% 2027  12

1% 2032

  

13

  

  

14

  

0½% 20291215

1% 20327

41/8% 2027

3½% 202581⅛% 2039

0½% 2061

3¼% 2033

3¼% 2033

83¾% 203890⅞% 2033 (G)910

41/8% 2027

10

13
14

  

15

15

  

16

16

16

17

17

18

  

18

18

1¼% 2051

19

1% 2032

20

20

  

22

  

1⅛% 2073

21

  

23

24

IL 2039

24

  

25

25

  
  

27

IL 2073

28

  

29

  

IL 203927

20
0½% 2029

3¾% 2053

11/2% 2053 (G)

41/8% 2027¹

22

IL 20732223

  0¼% 2025

23
24

25

IL 203926

0½% 2029

25
26

27

27

11/2% 2053 (G)

28

28

29

29

29

30

  

30

30

30

31

  

31

31

31

1. This auction has been moved from 15 March 2023, following confirmation of the timing of the Budget 2023.

Announced gilts(by auction):

Short CV

Medium CV

Long CVIL(G) green gilt issuance

Gilt auctions to beannounced:

CV

Gilts sold by gilt tender:

Gilt Tender

IL

Gilts syndicated:

Syndication

Green Gilts syndicated:

Syndication (G)IL 203121

IL 2031

IL 2051

28

IL 203119
  0¼% 2025

240⅝% 2025

3½% 2025

18

20

26
  

17

21

  0¼% 2025

22

23

26

1⅛% 203913
15

1% 2032 0⅞% 2046

1¼% 2051

21

12
14

17

19

3¼% 2033

11
1% 2032    

41/8% 2027

6

14

  

5
IL 2031

13

  

4

7

16

1⅛% 2039

IL 2051

6

  

19

March
3¾% 2038

41/8% 2027 1⅛% 2039

  

0½% 2029

February
0⅞% 2033 (G)371¼% 2051

January12  0¼% 2025

11

December
1¼% 2051

    

November

12023

3¾% 2053