The UK sold an additional £4.25 billion of its 2056 gilt at a yield of 5.8168%, according to Bloomberg, marking the highest level the British government has paid on a bond sale since at least the establishment of the UK Debt Management Office in 1998. People familiar with the matter said the deal was priced 0.75 basis points above the yield on the 4.25% gilt due in December 2055. Demand reached £85 billion, giving the transaction a 20x bid-to-cover ratio. The bond carries a 5.375% coupon. Joint lead managers on the sale were BofA Securities, Goldman Sachs International, JPMorgan, Santander and UBS Investment Bank.
The UK reopened £4.25 billion of its 2056 gilt at a yield of 5.8168%, according to Bloomberg, the highest level the government has paid on a bond sale since at least the UK Debt Management Office was set up in 1998.
People familiar with the matter said the transaction was priced 0.75 basis points above the yield on the 4.25% UK gilt maturing in December 2055. Final orders reached £85 billion, implying a 20x bid-to-cover ratio. The bond carries a 5.375% coupon.
Joint lead managers for the deal were BofA Securities, Goldman Sachs International, JPMorgan, Santander and UBS Investment Bank.
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