February 11, 2020 / 1:03 PM / 6 days ago

Britain sells 2.25 bln stg of longest-dated bond via syndication

LONDON, Feb 11 (Reuters) - Britain sold 2.25 billion pounds ($2.91 billion) of its longest-dated government bond at a sale via syndication on Tuesday, having attracted orders worth more than 10 times that amount.

The 1.625% 2071 conventional gilt was priced with a spread that was equivalent to 2.25 basis points below the 50-year benchmark 3.5% 2068 gilt that was used as reference for the sale, a bookrunner said.

At 1300 GMT the 2071 gilt was trading at a yield of 0.936%, flat on the day, in line with the 50-year benchmark and slightly outperforming the 10-year benchmark gilt, which yielded 0.57%.

The sale attracted orders worth more than 25.2 billion pounds from investors.

Barclays, Goldman Sachs International, JPMorgan and RBC acted jointly as bookrunners. ($1 = 0.7733 pounds) (Reporting by Andy Bruce, editing by David Milliken)

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