Chancellor George Osborne announced the intention to consult on ultra-long gilts, at the time rumoured to be around 99-years in length, in the 2012 budget. After consultation, demand for gilts that long seemed limited with the DMO settled on 55 years.
The DMO launched its sale on 25 June, leading to expressions of interest reaching £12.8bn (PP Online, 25 June). Barclays, Lloyds Bank, Nomura and The Royal Bank of Scotland (RBS) managed the syndic...
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