October 9, 2018 / 2:57 PM / 2 months ago

Britain gets robust demand at syndicated sale of 2071 gilt

LONDON, Oct 9 (Reuters) - Britain received robust demand at a sale via syndication of its longest-dated government bond on Tuesday, taking orders worth more than five times the amount sold.

The Debt Management Office (DMO) sold 5.25 billion pounds ($6.9 billion) of the 1.625 percent 2071 gilt from an order totalling 28.3 billion pounds from mostly domestic investors.

“This syndication took place against a volatile market backdrop where international government bond yields have recently moved sharply and continue to do so,” DMO Chief Executive Robert Stheeman said.

“Today’s transaction reflects well on the resilience of the gilt market and the experience of its participants, whose support and commitment we very much value.”

BNP Paribas, J.P. Morgan, Lloyds Bank Corporate Markets and Nomura acted jointly as bookrunners on the deal. ($1 = 0.7631 pounds) (Reporting by Andy Bruce; editing by Kate Holton)

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