Treasury Gilt vs Treasury Stock - difference(s)?

intalex

I've just noticed that most government bonds are issued as Treasury Gilt (e.g. TE28 - 4 3/8% Treasury Gilt 2028) but some are issued as Treasury Stock (e.g. TR38 - 4 3/4% Treasury Stock 2038), but I can't work out if there are any differences between how they work and underlying risks. Anyone with some info on this? Thanks in advance

masonic

The DMO favoured the name "Treasury Stock" prior to 2005/06, but switched to "Treasury Gilt" after that, so it gives you a hint as to when it was issued.

QrizB

I hope you don't mind me jumping on this thread with a related question ...

Why is the 2034-maturing index-linked gilt TRTQ called TRTQ rather eg. T34I or TR34? There must be a reason?

masonic

QrizB said:

I hope you don't mind me jumping on this thread with a related question ...

Why is the 2034-maturing index-linked gilt TRTQ called TRTQ rather eg. T34I or TR34? There must be a reason?

TR34 is already in use (along with T34 and TS34). Perhaps T34I is being reserved for something else, or they just want to keep you guessing!

It's not the only anomalous one, and not the worst. The nominal gilts T4Q and TR4Q mature in Mar 2036 and Dec 2055 respectively, while one might have guessed 2044 from the ticker. There is also the index-linked gilt TR8F (also 2055, not in the 2080s).