Foreign Currency Reserves 2026 – Market Notice 21 September 2026 — BOE — GB

Pursuant to the Market Notice published on 23 September 2025, the Bank of England announced that it would shift to targeting two benchmark issuances annually to finance its foreign exchange reserves with a regular timetable, a high degree of transparency and a group of banks to market and distribute each issue.

FCA/ICMA stabilisation applies. The manufacturer target market (UK MiFIR/MiFID II Product Governance) is ECP/Professionals only (all distribution channels).

This market notice is being issued in reliance on Rule 135e of the United States Securities Act of 1933, as amended (the “Securities Act”). This market notice is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from registration. The Bank of England does not intend to register the securities under the securities laws of the United States or conduct a public offering of the securities in the United States.

Statements about the Bank of England and all other statements in this market notice, other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the United States Securities Exchange Act of 1934, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The Bank of England undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

This market notice is being distributed to, and is directed only at, persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000, as amended, does not apply (such persons being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this communication or any of its contents. Any investment activity (including, but not limited to, any invitation, offer or agreement to subscribe, purchase or otherwise acquire securities) to which this communication relates will only be available to, and will only be engaged with, persons who fall within the manufacturer target market.

Prospective investors are referred to the prospectus dated 9 February 2026, which has been published in respect of the Bank of England Debt Issuance Programme, (the “Prospectus”) and the final terms, which are to be published by the Bank of England relating to the notes referred to in this market notice (the “Final Terms”). No investment activity or investment decision relating to the notes referred to in this market notice should be undertaken on the basis of or relying upon any information other than that contained in the Prospectus and the Final Terms.

By viewing this market notice, I agree that I am a person who is permitted under applicable law and regulation to receive information of the kind contained in the market notice.

The Bank of England announces today that it has mandated J.P. Morgan Securities plc, RBC Capital Markets, Merril Lynch International, and Crédit Agricole Corporate and Investment Bank as Joint Lead Managers for an issuance operation to finance the Bank’s foreign exchange reserves.

The operation will be a benchmark 5-year US dollar bond, and the Bank expects to execute this transaction in the near future, subject to market conditions. This will be the second 2026 operation under the Bank’s Debt Issuance Programme.

Please direct any questions on Bank of England foreign currency reserves and their financing to the Bank’s Press Office on +44 (0)20 3461 4411 or, alternatively, email press@bankofengland.co.uk.

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