Derivative products 19
than 13 years from, the first day of the relevant delivery
month;
• having no terms permitting or requiring early redemption;
• bearing interest at a single fixed rate throughout the term of
the issue payable in arrears semi-annually (except in the case
of the first interest payment period which may be more or less
than six months);
• being denominated and payable as to the principal and interest
only in pounds and pence;
• being fully paid or, in the event that the gilt issue is in its first
period and is partly paid, being anticipated by the Board to be
fully paid on or before the Last Notice Day of the relevant deliv-
ery month;
• not being convertible;
• not being in bearer form;
• having being admitted to the Official List of the London Stock
Exchange; and
• being anticipated by the Board to have on one or more days
in the delivery month an aggregate principal amount out-
standing of not less than £1.5 billion which, by its terms and
conditions, if issued in more than one tranche or tap or
issue, is fungible.
Recent Changes
• For the March 1998 delivery month (and previous delivery
months), the notional coupon was 9 per cent.
• Up to and including the June 1998 delivery month, the unit of
trading was £50,000 nominal.
• The tick size for the June 1998 delivery month switched to
1/100th of a point from the close of business on 8 May 1998
from 1/32.
• The tick value for the June 1998 delivery month, from the close
of business on 8 May 1998 until expiry, was £5. Up to 8 May,
the tick value was £7.8125.
• Prior to December 98 contract maturity bracket 10 to 15 years.
1
For December 2003 delivery month (and previous delivery months), notional
coupon was 7 per cent.
Unless otherwise stated, all times are London times.
Source: Euronext.liffe.