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CHAMBER NEWS


market yield conventions will be applied. The spread to the OIS rate at which the Bank will purchase CP will vary according to the credit rating of the issuer. CP purchased in the secondary


market will be purchased at the lower of amortised cost from the issue price and the price as given by the method used for primary market purchases as set out above. The Bank plans to apply an additional small fee for use of the secondary facility, payable separately. Where an issuer has a split rating, the spread will be that


derived from the lowest rating.


SUBMISSION OF OFFERS Offers to sell CP to the Fund should be submitted to the Bank’s Sterling dealing desk between 10am and 11am. For primary market sales,


counterparties must provide details of the issuing entity and the nominal amount offered. Maturity dates will follow the “modified following” convention. For secondary market sales, counterparties must provide the ISIN/ticker of the security; the money market yield on an amortised


cost basis; the maturity date; and the nominal offered. The minimum size of an individual security that the Fund will purchase from an individual participant is £1m nominal. The offer amount should be expressed in increments of £0.1m nominal. The Bank’s sterling dealers will


confirm whether an offer has been accepted and will confirm the cash


amount and, for primary market sales, maturity date.


SETTLEMENT ARRANGEMENTS The Bank will send a written electronic confirmation of each transaction on the day of purchase. The Fund’s purchases of CP will normally settle on a T+2 basis. Counterparties must comply with the Bank’s Settlement Procedures.


This is a summary only. For further information, visit www.bankofengland.co.uk/markets


business network April 2020 49


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