Ten-Year Gilt Auction Attracts Demand, Albeit at Cost of Higher Yields -- Market Talk

Dow Jones03-24

1127 GMT - The U.K. Debt Management Office's auction of 2.25 billion pounds ($3.02 billion) in October 2035 gilts on Tuesday attracted good demand, with bids of up to 3.5 times the amount on offer. The yield tail--or the difference between the average yield paid at an auction and the highest yield paid for the bond--was only 0.2 basis points, in a further indication of strong demand. However, the recent jump in gilt yields--due to rising energy costs and prospects of higher interest rates--meant the gilts were sold at a much higher yield than the same bond's previous auction on Feb. 3. The average yield at this auction was 4.911%, higher than the previous auction's average yield of 4.585%. (miriam.mukuru@wsj.com)

(END) Dow Jones Newswires

March 24, 2026 07:27 ET (11:27 GMT)

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However, the recent jump in gilt yields--due to rising energy costs and prospects of higher interest rates--meant the gilts were sold at a much higher yield than the same bond's previous auction on Feb. 3. The average yield at this auction was 4.911%, higher than the previous auction's average yield of 4.585%. 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Debt Management Office's auction of 2.25 billion pounds ($3.02 billion) in October 2035 gilts on Tuesday attracted good demand, with bids of up to 3.5 times the amount on offer. The yield tail--or the difference between the average yield paid at an auction and the highest yield paid for the bond--was only 0.2 basis points, in a further indication of strong demand. However, the recent jump in gilt yields--due to rising energy costs and prospects of higher interest rates--meant the gilts were sold at a much higher yield than the same bond's previous auction on Feb. 3. The average yield at this auction was 4.911%, higher than the previous auction's average yield of 4.585%. 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