UK kick starts programme with sell-out 40 year tap

The United Kingdom Debt Management Office opened its syndicated borrowing programme for the new financial year in fine style on Tuesday with a £4.75bn tap of its 3.75% 2052 Gilt. The syndication produced the borrower’s first bookbuild of under 50 minutes and garnered a book of almost £10bn. Another highlight was a 12% international distribution.