The subscription scale of the 30-year British government bond marks the lowest since 2022.

The UK government's 30-year gilt auction subscription size hit the lowest since 2022, highlighting weakening demand for long-term UK gilts in the market. The UK Debt Management Office issued 1.5 billion of gilts maturing in 2056, with total bids reaching 4.6 billion. Although this still means the bid-to-cover ratio is over 3 times, the issuance size is small, the lowest in three years. The small issuance size is due to the UK's plan to reduce long gilt issuance as demand from stable buyers such as pension funds is drying up. The results of Tuesday's auction will provide evidence for the DMO's strategy. UK bond yields narrowed after the auction. The 30-year gilt yield fell by 4 basis points to 5.51%. Before the auction, the yield for that maturity had dropped by over 5 basis points.