UK Bond Selloff Pushes 30-Year Yield to the Highest Since 1998

UK long-term borrowing costs jumped to a 28-year high as worries intensified over local government elections and the impact of soaring energy prices on the economy.

The yield on 30-year gilts surged as much as 13 basis points to 5.78%, the highest since 1998. The selloff swept across bonds of all maturities, with 10-year notes topping 5% as markets reopened from a public holiday on Monday.