Longest gilt since 1930s

BRITAIN yesterday issued the longest-dated government bond since 1937 in an attempt to lock-in current low interest rates for generations.

The United Kingdom Debt Management Office successfully offered £5bn of bonds expiring in 2068 – 55 years down the line.

The UK domestic market was responsible for most of the issue, taking around 97 per cent of the allocation.

Joint bookrunners on the deal were Barclays, Lloyds Bank, Nomura and RBS.