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A Private Investor's Guide to Gilts

A Private Investor's Guide to Gilts

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Published by Fuzzy_Wood_Person
2004 edition of the UK Debt Management Office's guide to UK Gilts
2004 edition of the UK Debt Management Office's guide to UK Gilts

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Published by: Fuzzy_Wood_Person on Aug 01, 2013
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01/29/2014

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1
PRIVATE INVESTORS GUIDE
Header
1
Header
 
A Private Investor'sGuide to Gilts
 
Fourth EditioDecember 2004 
United Kingdom
DebtManagementOffice
 
2
PRIVATE INVESTORS GUIDE
Disclaimer
This booklet is intended to help those who may have an interest in investing in gilts.It covers the main features ofbuying,selling and holding gilts.The booklet does not constitute a recommendation to buy,sell or hold gilts,nor does it offer investment advice.The United Kingdom Debt Management Office (DMO) has tried to ensurthat the legal and factual information is accurate.Except where specificallindicated,the booklet describes the position as at 30 November 2004.The reader should not assume that anything described in it is still accurate at a later date.This booklet cannot be a comprehensive statement ofthe intricacies oflaw and practice relating to gilts,nor can it take account ofthe circumstances oevery investor.Therefore,reliance should not be placed on the bookletinvestors who want advice on which gilt or other investment may be bessuited to them,or on trading strategies,should consult a professional adviser.As gilts are marketable securities,their market value may go down as well as up.The DMO issues gilts to the market on behalfofthe Government ofthe United Kingdom,and holds gilts itselffor market management purposes.The DMO does not in any way guarantee the liabilities ofthe commercial institutions referred to in this booklet.
 
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PRIVATE INVESTORS GUIDE
1.What are gilts?
1.1Conventional gilts4Information on a gilt certificateDouble-dated giltsUndated gilts1.2Index-linked gilts61.3Gilt strips8
2.Gilt prices and yields
2.1Gilt prices10What causes prices to change?2.2Gilt yields12
3.Buying and selling gilts
3.1Buying and selling in the market143.2The Approved Group ofinvestors 163.3Buying from the DMO at auctions173.4Buying and selling through the DMO Gilt Purchase and Sale Service18
4.Registration ofgilts
21
5.Taxation ofgilts
22
6.Conversion offers
24
7.Euro re-denomination
24
Appendices
a)Gilts in issue25b) Index-linked gilt cash flows28c) Frequently Asked Questions29d) Glossary30e) List ofGilt-edged Market Makers32f) Useful contacts and websites 33
Contents

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