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There are currently eight undated gilts in issue.
The rebalancing of the club’s portfolio is proving quite problematic, thanks to the undated gilts we hold.
It comes as the Government looks to remove all other undated gilts in its portfolio, some of which have origins going back to the 18th century.
The redemption of undated gilts is subject to certain conditions being met, which vary between the different gilts.
Until late 2014 there existed eight undated gilts, which made up a very small proportion of the UK government's debt.
Most undated gilts pay interest twice a year; however some pay interest four times a year.
A few undated gilts pay quarterly interest.)
The last undated gilt was issued in October 1946, shortly after the end of World War Two.
These are rather like undated gilts in that they are perpetual instruments, but interest can be waived or reduced if it would cause the issuer to breach capital adequacy requirements.
In May 2012 the UK Debt Management Office issued a consultation document which raised the possibility of issuing new undated gilts, but there was little support for this proposal.
From the redemption of the final four undated gilts announced today, the Treasury will pay off in full £382 million of outstanding debt, though none of these gilts are traded regularly.
The redemption of the undated gilts in the portfolio will take advantage of the low yield environment to consolidate the debt portfolio and deliver a long-term benefit to the tax payer.
The LSE consciously excluded securities such as undated gilts or corporate bonds with embedded derivatives, but Ms Walmsley indicated that future developments could include bonds denominated in currencies other than sterling.
The Treasury is also looking to remove all six of the other remaining undated gilts in its portfolio, including some debt originally issued in the era of the South Sea Bubble in the 18th century.
This announcement concludes the redemption of all undated bonds issued by the government - a process first initiated by the Chancellor in October 2014 by announcing the first repayment of undated gilts by any Chancellor in almost 70 years.