Spens Gross Redemption Yield definition
Spens Gross Redemption Yield means, with respect to a security, the gross redemption yield on such security, expressed as a percentage and calculated by a Financial Adviser on the basis set out by the United Kingdom Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields", page 5, Section One: Price/Yield Formulae "Conventional Gilts; Double dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date" (published 8 June 1998 and updated on 15 January 2002 and 16 March 2005, and as further amended or updated from time to time) on a semi-annual compounding basis (converted to an annualised yield and rounded up (if necessary) to four decimal places) or on such other basis as the Issuer may determine (acting solely on the advice of a Financial Adviser).