The Bank of England published a market notice relating to notes to be issued to finance its foreign exchange reserves, with a prospectus to be published for prospective investors. The notice reiterates that the Bank’s foreign exchange reserves support its policy objectives and are separate from the UK Government’s reserves, which it manages as the Treasury’s agent. It also points to the September 2025 shift to targeting two benchmark issuances each year, using a regular timetable and appointing a group of banks to market and distribute each issue. Distribution and selling restrictions include UK MiFIR/MiFID II product governance targeting eligible counterparties and professionals only, FCA/ICMA stabilisation, and a prohibition on distribution into the United States, Canada, Australia, Japan and other restricted jurisdictions; for the United States, it relies on Rule 135e and is not an offer, with no intention to register the securities or conduct a US public offering. A prospectus for the notes is to be published, and the Bank states that investment decisions should be based only on the prospectus.
Bank of England 2026-02-10
Bank of England issues market notice for 2026 foreign currency reserves notes issuance
The Bank of England announced a market notice for notes to finance its foreign exchange reserves, emphasizing their separation from UK Government reserves and detailing issuance plans, including biannual benchmarks and distribution restrictions under UK MiFIR/MiFID II. A prospectus will be published, and investment decisions should rely solely on it.