Since this gilt matured in 2019, I’ll treat your quoted price as a historical example.

**1. Yes, for £100 nominal held to maturity**, assuming you qualified for the final coupon, the maturity payment would be:

- Principal: **£100**
- Final half-year coupon: £100 × 3.75% ÷ 2 = **£1.875**
- Total: **£101.875**, before any applicable tax.

You would also receive any earlier coupons falling during your ownership. The [prospectus](https://www.dmo.gov.uk/media/vzflwdow/prosp300609a.pdf) confirms repayment at par on 7 September 2019 and the March/September interest dates.

However, **£100.84 would generally not be your full purchase cost**. HL quotes a *clean price*, excluding accrued interest. You normally pay accrued interest on top, compensating the seller for their share of the next coupon. Thus, excluding charges:

**Purchase cost = £100.84 + accrued interest.**

The exact adjustment depends on the settlement date. Purchases settling within the ex-dividend period do not qualify for the upcoming coupon. See [HL’s pricing explanation](https://www.hl.co.uk/shares/corporate-bonds-gilts/learn-about-bonds/buying-bonds) and the [DMO’s payment conventions](https://www.dmo.gov.uk/responsibilities/gilt-market/about-gilts/).

The 3.75% coupon is calculated on **nominal value**, so it is not necessarily your investment return: paying £100.84 for £100 nominal also means a £0.84 capital loss at redemption.

**2. An ordinary purchase through HL is a secondary-market purchase.** Neither “competitive” nor “non-competitive” describes your holding; those terms describe how someone bids at a government auction.

- A **competitive bidder** specifies the price they are willing to pay.
- A **non-competitive bidder** accepts the auction’s weighted-average successful competitive price for a conventional gilt. See the [DMO glossary](https://www.dmo.gov.uk/help/glossary/).

The **£104.50** in your prospectus was the amount payable upfront by certain non-competitive applicants at the **7 July 2009 auction**. It does not determine what you pay when subsequently buying through HL, or what you receive at maturity. [Original prospectus](https://www.dmo.gov.uk/media/vzflwdow/prosp300609a.pdf).