Bank of England Issues Two-Benchmark Bond Plan for Foreign Exchange Reserves

The Bank of England has announced its plan to target two benchmark issuances annually to finance its foreign exchange reserves. According to a Market Notice published on September 21, 2026, this shift is aimed at providing a regular timetable and increased transparency in the management of these reserves. The Bank will work with a group of banks to market and distribute each issue.

The new policy will be guided by FCA/ICMA stabilization rules, and the target market for these issuances will be ECP/Professionals only. This means that investment activity related to these notes will only be available to persons who fall within this manufacturer target market.