A global bond sell-off has driven UK yields sharply higher and the government
will reopen a Jan 2056 gilt at the highest yield on a gilt auction since the
Debt Management Office was formed in 1998. The benchmark-sized reopening of the
5.405% Jan 2056 gilt, first issued in May 2025 with an initial size of £5.9bn,
is expected to price on Tuesday evening. The tranche is being offered roughly
0.75–1.0bp above the 2055 gilt yield and is expected to raise up to £5.0bn.
30‑year gilt yields were 5.83% on Tuesday, having hit their highest level since
May 1998 last week.
