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Money Markets

Money Markets

About Treasury bills

Sterling Treasury bills form an important constituent in the DMO's Exchequer cash management operations and an intrinsic component in the UK Government's stock of marketable debt instruments, alongside gilts. Treasury bills are zero-coupon eligible debt securities and can be held in CREST and Euroclear. The DMO financing remit includes a target end year Treasury bill total.

Treasury bills are routinely issued at weekly tenders, held by the DMO on the last business day of each week (i.e. usually on Fridays), for settlement on the following business day. Treasury bills can be issued with maturities of 1 month (approximately 28 days), 3 months (approximately 91 days), 6 months (approximately 182 days) or 12 months (up to 364 days), although to date no 12 month tenders have been held. Members of the public wishing to purchase Treasury bills at the tenders will have to do so through one of the Treasury bill Primary Participants and purchase a minimum of £500,000 nominal of bills.

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