UK Draws £117 Billion Bids For Debt Sale Despite Low Yield

Demand for a UK gilt far exceeded the amount offered on Tuesday even with yields near the lowest level in a year, underscoring investor appetite despite the uncertain economic outlook.

Investor bids for a £7.25 billion increase of the January 2041 gilt climbed above £117 billion, according to people familiar with the matter who asked not to be identified. The Debt Management Office set the spread at 6.75 basis points over comparable bonds, the tight end of earlier guidance, with pricing due later today.