UK Sells £1.25B in 2029 Gilts at 4.82% Yield on Strong Demand

The United Kingdom Debt Management Office sold £1.25 billion of 0½% Treasury Gilts maturing in 2029 on Monday, drawing heavy investor demand with total bids reaching £4.56 billion.

According to a Reuters report, the auction achieved a coverage ratio of 3.65 times the amount offered, reflecting strong appetite for short-dated British government debt.

Auction Pricing and Yield Metrics

Accepted bids for the gilt, carrying ISIN code GB00BLPK7227, ranged from a highest price of £90.435 down to a lowest accepted price of £90.419. This pricing structure resulted in yields spanning from 4.815% at the high end to 4.822% at the low end.

The auction produced an average accepted price of £90.427, delivering a uniform average yield of 4.818% to successful bidders. The tail, which measures the gap between the lowest accepted price and the average accepted price, registered at 0.4 basis points.

Settlement and Total Outstanding Issue

Following settlement on September 16, 2026, the cumulative total amount in issue for this specific 2029 treasury gilt will reach £33,597.495 million nominal.

Treasury gilts serve as the primary debt instrument utilized by the British government to finance public borrowing requirements, with auctions managed directly by the UK Debt Management Office to institutional investors and primary dealers.