UK 30-Year Gilt Auction Yield Hits Highest Since 1998

Cointime update: The UK Debt Management Office sold £1 billion of the 5.375% 2056 conventional gilt, the 30-year benchmark, at an average yield of 5.540% on Tuesday, the highest for a 30-year auction since the DMO began such sales in 1998. Bids reached 3.75 times the amount offered, underscoring the pressure rising borrowing costs place on public finances.