59:
428:
414:
90:
In 1757, the annual interest rate on the stock was reduced to 3%, leaving the stock as consolidated 3% annuities. The coupon rate remained at 3% until 1888. In 1888, the
Chancellor of the Exchequer,
374:
1018:
996:
280:
On 31 October 2014 the UK Government announced that it would redeem the 4% consols in full in early 2015. It did so on 1 February 2015, and redeemed the 3
1043:
1033:
565:
1038:
491:
94:, converted the consolidated 3% annuities, along with reduced 3% annuities (issued in 1752) and new 3% annuities (1855), into a new bond, 2
984:
990:
525:
83:
converted all outstanding issues of redeemable government stock into one bond, Consolidated 3.5% Annuities, in order to reduce the
597:
920:
118:% in 1903, and the stock given a first redemption date of 5 April 1923, after which point the stock could be redeemed at
915:
549:
1028:
910:
786:
1023:
726:
369:
324:
72:
766:
40:(originally short for consolidated annuities, but subsequently taken to mean consolidated stock) were
590:
334:
925:
389:
344:
24:
570:
502:
55:
The United States government issued consols from 1877 to 1930, which have likewise been redeemed.
204:
105:
31:
859:
761:
91:
905:
869:
706:
665:
583:
349:
48:, redeemable at the option of the government. The first British consols were issued by the
529:
8:
675:
447:
364:
58:
751:
322:
Given their long history, references to consols can be found in many places, including
958:
884:
736:
658:
130:
123:
571:
CREATING THE CONSOLS- A brief history of the origins of
Britain's 3% perpetual bonds
948:
819:
791:
731:
716:
394:
384:
311:
134:
963:
953:
756:
746:
741:
670:
496:
399:
339:
49:
41:
864:
849:
814:
801:
776:
680:
648:
617:
76:
45:
1012:
968:
943:
854:
839:
829:
781:
711:
379:
359:
84:
879:
824:
771:
701:
627:
433:
419:
133:
issued a new government stock, 4% consols, as a partial refinancing of the
80:
19:
This article is about consolidated securities. For the Roman official, see
468:
935:
874:
834:
809:
685:
653:
643:
606:
354:
329:
138:
622:
119:
104:% consolidated stock, under the National Debt (Conversion) Act 1888 (
889:
844:
441:
566:
Annuity
Certificates of the Bank of England Consolidated Annuities
108:). Under the Act, the interest rate of the stock was reduced to 2
20:
575:
317:
290:% and 3% bonds between March and May of that year. The final 2
310:% bonds were redeemed on 5 July 2015. Section 124 of the
314:
made the legal provisions for the ending of the consol.
144:
997:
Securities
Industry and Financial Markets Association
409:
501:
1010:
30:"Consols" redirects here. For the singular, see
1019:Government bonds issued by the United Kingdom
591:
87:(interest rate) paid on the government debt.
66:
52:in 1751. They have now been fully redeemed.
528:. UK Debt Management Office. Archived from
318:References to British consols in literature
985:Commercial Mortgage Securities Association
598:
584:
492:"UK to repay part of perpetual WWI loans"
1044:Politics of the Kingdom of Great Britain
991:International Capital Market Association
57:
1034:Economic history of the United Kingdom
1011:
579:
203:National Debt (Conversion) Act 1888 (
1039:Public finance of the United Kingdom
921:Commercial mortgage-backed security
275:
145:Timeline of 2.5% consolidated stock
13:
916:Collateralized mortgage obligation
450:shares work similarly to a consol.
14:
1055:
559:
23:. For meanings of "console", see
16:Type of government perpetual bond
426:
412:
605:
911:Collateralized debt obligation
787:Reverse convertible securities
543:
518:
484:
461:
62:U.S. Government 4% Consol Bond
1:
454:
500:. 2014-10-31. Archived from
171:Consolidated 3.5% annuities
7:
727:Contingent convertible bond
405:
370:William Makepeace Thackeray
73:Chancellor of the Exchequer
44:debt issues in the form of
10:
1060:
767:Inverse floating rate note
187:Consolidated 3% annuities
67:History of British consols
29:
18:
977:
934:
898:
800:
694:
636:
613:
926:Mortgage-backed security
695:Types of bonds by payout
637:Types of bonds by issuer
390:William Somerset Maugham
375:The Tuppenny Millionaire
345:The Notting Hill Mystery
25:Console (disambiguation)
32:Consol (disambiguation)
860:Option-adjusted spread
762:Inflation-indexed bond
251:first redemption date
137:issued in 1917 during
92:George Joachim Goschen
63:
1029:1751 in Great Britain
906:Asset-backed security
870:Weighted-average life
707:Auction rate security
269:% consolidated stock
243:% consolidated stock
225:% consolidated stock
179:Reduced 3% annuities
163:Consols first issued
61:
899:Securitized products
350:Charles Warren Adams
205:Goschen's Conversion
106:Goschen's Conversion
676:Infrastructure bond
473:The Free Dictionary
448:Swiss National Bank
325:Pride and Prejudice
129:In 1927 Chancellor
1024:1751 introductions
752:Floating rate note
135:National War Bonds
64:
1006:
1005:
959:Exchangeable bond
885:Yield to maturity
737:Exchangeable bond
659:Subordinated debt
335:David Copperfield
273:
272:
195:New 3% annuities
131:Winston Churchill
124:Act of Parliament
1051:
949:Convertible bond
792:Zero-coupon bond
732:Convertible bond
717:Commercial paper
600:
593:
586:
577:
576:
553:
550:Finance Act 2015
547:
541:
540:
538:
537:
522:
516:
515:
513:
511:
505:
488:
482:
481:
480:
479:
465:
436:
431:
430:
429:
422:
417:
416:
415:
395:The Forsyte Saga
385:Of Human Bondage
312:Finance Act 2015
309:
308:
304:
299:
298:
294:
289:
288:
284:
276:Final redemption
268:
267:
263:
242:
241:
237:
224:
223:
219:
149:
148:
117:
116:
112:
103:
102:
98:
1059:
1058:
1054:
1053:
1052:
1050:
1049:
1048:
1009:
1008:
1007:
1002:
973:
964:Extendible bond
954:Embedded option
930:
894:
796:
757:High-yield debt
747:Fixed rate bond
742:Extendible bond
690:
671:Government bond
666:Distressed debt
632:
609:
604:
562:
557:
556:
548:
544:
535:
533:
524:
523:
519:
509:
507:
497:Financial Times
490:
489:
485:
477:
475:
467:
466:
462:
457:
432:
427:
425:
418:
413:
411:
408:
400:John Galsworthy
340:Charles Dickens
320:
306:
302:
301:
296:
292:
291:
286:
282:
281:
278:
265:
261:
260:
239:
235:
234:
221:
217:
216:
147:
114:
110:
109:
100:
96:
95:
69:
50:Bank of England
46:perpetual bonds
35:
28:
17:
12:
11:
5:
1057:
1047:
1046:
1041:
1036:
1031:
1026:
1021:
1004:
1003:
1001:
1000:
994:
988:
981:
979:
975:
974:
972:
971:
966:
961:
956:
951:
946:
940:
938:
932:
931:
929:
928:
923:
918:
913:
908:
902:
900:
896:
895:
893:
892:
887:
882:
877:
872:
867:
865:Risk-free bond
862:
857:
852:
850:Mortgage yield
847:
842:
837:
832:
827:
822:
817:
812:
806:
804:
802:Bond valuation
798:
797:
795:
794:
789:
784:
779:
777:Perpetual bond
774:
769:
764:
759:
754:
749:
744:
739:
734:
729:
724:
719:
714:
709:
704:
698:
696:
692:
691:
689:
688:
683:
681:Municipal bond
678:
673:
668:
663:
662:
661:
656:
649:Corporate bond
646:
640:
638:
634:
633:
631:
630:
625:
620:
614:
611:
610:
603:
602:
595:
588:
580:
574:
573:
568:
561:
560:External links
558:
555:
554:
542:
517:
483:
459:
458:
456:
453:
452:
451:
444:
438:
437:
423:
407:
404:
319:
316:
277:
274:
271:
270:
257:
253:
252:
249:
245:
244:
231:
227:
226:
213:
209:
208:
201:
197:
196:
193:
189:
188:
185:
181:
180:
177:
173:
172:
169:
165:
164:
161:
157:
156:
153:
146:
143:
77:Prime Minister
68:
65:
15:
9:
6:
4:
3:
2:
1056:
1045:
1042:
1040:
1037:
1035:
1032:
1030:
1027:
1025:
1022:
1020:
1017:
1016:
1014:
998:
995:
992:
989:
986:
983:
982:
980:
976:
970:
969:Puttable bond
967:
965:
962:
960:
957:
955:
952:
950:
947:
945:
944:Callable bond
942:
941:
939:
937:
933:
927:
924:
922:
919:
917:
914:
912:
909:
907:
904:
903:
901:
897:
891:
888:
886:
883:
881:
878:
876:
873:
871:
868:
866:
863:
861:
858:
856:
855:Nominal yield
853:
851:
848:
846:
843:
841:
838:
836:
833:
831:
830:Current yield
828:
826:
825:Credit spread
823:
821:
818:
816:
813:
811:
808:
807:
805:
803:
799:
793:
790:
788:
785:
783:
782:Puttable bond
780:
778:
775:
773:
770:
768:
765:
763:
760:
758:
755:
753:
750:
748:
745:
743:
740:
738:
735:
733:
730:
728:
725:
723:
720:
718:
715:
713:
712:Callable bond
710:
708:
705:
703:
700:
699:
697:
693:
687:
684:
682:
679:
677:
674:
672:
669:
667:
664:
660:
657:
655:
652:
651:
650:
647:
645:
642:
641:
639:
635:
629:
626:
624:
621:
619:
616:
615:
612:
608:
601:
596:
594:
589:
587:
582:
581:
578:
572:
569:
567:
564:
563:
551:
546:
532:on 2016-11-10
531:
527:
526:"About Gilts"
521:
506:on 2022-12-10
504:
499:
498:
493:
487:
474:
470:
464:
460:
449:
445:
443:
440:
439:
435:
424:
421:
410:
403:
401:
397:
396:
391:
387:
386:
381:
380:P G Wodehouse
377:
376:
371:
367:
366:
361:
360:E. M. Forster
357:
356:
351:
347:
346:
341:
337:
336:
331:
327:
326:
315:
313:
258:
255:
254:
250:
247:
246:
232:
229:
228:
214:
211:
210:
206:
202:
199:
198:
194:
191:
190:
186:
183:
182:
178:
175:
174:
170:
167:
166:
162:
159:
158:
154:
151:
150:
142:
140:
136:
132:
127:
125:
121:
107:
93:
88:
86:
82:
78:
74:
60:
56:
53:
51:
47:
43:
39:
33:
26:
22:
978:Institutions
936:Bond options
880:Yield spread
772:Lottery bond
721:
702:Accrual bond
628:Fixed income
545:
534:. Retrieved
530:the original
520:
508:. Retrieved
503:the original
495:
486:
476:, retrieved
472:
463:
434:Banks portal
420:Money portal
393:
383:
373:
363:
353:
343:
333:
323:
321:
279:
248:5 April 1923
155:Description
128:
89:
81:Henry Pelham
71:In 1752 the
70:
54:
37:
36:
875:Yield curve
835:Dirty price
810:Clean price
686:Global bond
654:Senior debt
644:Agency bond
607:Bond market
365:Vanity Fair
355:Howards End
330:Jane Austen
139:World War I
1013:Categories
536:2015-11-04
478:2010-04-09
455:References
42:government
815:Convexity
623:Debenture
152:Year/Date
120:par value
890:Z-spread
845:I-spread
840:Duration
469:"consol"
442:War bond
406:See also
999:(SIFMA)
510:1 April
305:⁄
300:% and 2
295:⁄
285:⁄
264:⁄
238:⁄
220:⁄
113:⁄
99:⁄
38:Consols
993:(ICMA)
987:(CMSA)
820:Coupon
722:Consol
552:s. 124
85:coupon
21:Consul
618:Bond
512:2019
446:The
392:and
256:1923
230:1903
212:1888
200:1888
192:1855
184:1757
176:1752
168:1752
160:1751
79:Sir
75:and
398:by
388:by
378:by
368:by
358:by
348:by
338:by
328:by
122:by
1015::
494:.
471:,
402:.
382:,
372:,
362:,
352:,
342:,
332:,
207:)
141:.
126:.
599:e
592:t
585:v
539:.
514:.
307:2
303:1
297:4
293:3
287:2
283:1
266:2
262:1
259:2
240:2
236:1
233:2
222:4
218:3
215:2
115:2
111:1
101:4
97:3
34:.
27:.
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
