UK government to auction £1 billion of 0⅛% index-linked Treasury gilt due 2031
The UK government is set to return to the debt market next week with an auction of index-linked gilts maturing in 2031. The sale is scheduled for 22 October 2026, with settlement due the following day and bids accepted on both a competitive and non-competitive basis.
Highlights
- UK government will auction £1,000 million nominal of 0⅛% Index-linked Treasury Gilt 2031 on 22 October 2026 with settlement on 23 October 2026.
- Nominal outstanding of the gilt will rise to £18,754 million (£26,883.5 million index-adjusted) after the sale, with the issue fungible with prior tranches.
- Bids for the auction may be competitive or non-competitive, with an index-adjusted accrued interest of £0.036031766304 per £100 nominal and next coupon due 10 February 2027.
Auction timetable and security terms
As reported by London Stock Exchange, citing London Stock Exchange Regulatory News Service, the auction covers £1,000 million nominal of 0⅛% Index-linked Treasury Gilt 2031 under a uniform price bidding convention.The auction opens at 9:00 a.m. London time on Thursday, 22 October 2026 and closes at 10:00 a.m., while the post-auction option facility runs from 12:30 p.m. to 1:00 p.m. Settlement is set for Friday, 23 October 2026.
Index adjusted accrued interest payable with a bid is £0.036031766304 per £100 nominal. The security matures on 10 August 2031, pays interest on 10 February and 10 August, and carries ISIN GB00BNNGP551 and SEDOL B-NNG-P55.
Implications for UK debt issuance
Following the sale, nominal outstanding for the gilt is expected to reach £18,754 million, equivalent to £26,883.5 million on an index-adjusted basis. The notice states that the issue is fungible with previous issues of the same bond.The reference index applicable to the first issue date is 293.60323 as at 28 January 2021, and the index ratio at 23 October 2026 is 1.43348. The next interest payment date is 10 February 2027, when the standard coupon is due.
The notice also says bids may be submitted on either a competitive or non-competitive basis, with procedures set out in the prospectus and the Information Memorandum.
Our earlier article covered Chancellor John Healey’s commitment to sticking with deficit-reduction plans ahead of the late-October Budget, alongside data showing the UK economy grew 0.1% in August. It also noted the policy balancing act between maintaining investor confidence through fiscal discipline and providing some support for growth as political pressure around tax and reform choices builds.
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