Issuer Transparency The UK experience. Robert Stheeman Tim Simmonds. Outline. What do we mean by Issuer Transparency? Current framework Key changes Current framework: Further detail Benefits Costs? Conclusion. Issuer transparency. Clarity about decision making process
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Proportion sold through taps had declined significantly from FY 1992/93 but still substantial proportionAuction / Tap split
Table excludes auctions of FRNs and index-linked gilts FY 1992/93 but still substantial proportion
Average cover increased since 1995/96
Average tail at auction has decreased
Appears successful strategyAuction details