UK sets high 5.375% coupon for new long-dated gilt
By David Milliken
LONDON, May 13 (Reuters) - The United Kingdom Debt Management Office set a high coupon of 5.375% on Tuesday for a new 30-year government bond which it plans to launch via syndication next week.
The coupon of the January 2056 gilt will be the highest of any long-dated British government bond currently trading once it is issued, though there is a December 2028 gilt GBT628= first issued in 1998 which pays a higher coupon of 6%.
British 30-year gilt yields GB30YT=RR hit their highest level since 1998 last month following financial market turmoil after U.S. President Donald Trump announced wide-ranging tariffs.
The DMO has scaled back its plans for long-dated gilt issuance this financial year, partly due to the recently increased cost of this type of issuance compared to financing government borrowing by issuing shorter-dated maturities.
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