Corrects coupon on reference gilt to 4.25% in paragraph 3
May 20 (Reuters) - Britain sold 4 billion pounds ($5.35 billion) of a new gilt due in 2056 at a sale via syndication on Tuesday, which attracted orders worth more than 70 billion pounds.
The coupon of the January 2056 gilt is the highest of any long-dated British government bond currently trading, though there is a December 2028 gilt GBT628= first issued in 1998 which pays a higher coupon of 6%.
The Debt Management Office said the bond, which has one of the highest coupons for any gilt in issue at 5.375%, was priced in the sale at a yield equivalent to 5.4047%, and a spread 1.75 basis points above the existing 4.25% 2055 gilt.
The DMO has scaled back its plans for long-dated gilt issuance this financial year, partly due to the recently increased cost of this type of issuance compared to financing government borrowing by issuing shorter-dated maturities.
Bank of America, BNP Paribas, Deutsche Bank, Goldman Sachs and Santander acted jointly as bookrunners for the sale.
($1 = 0.7483 pounds)
(Reporting by Andy Bruce; editing by Suban Abdulla)
((andy.bruce@thomsonreuters.com; +442075134461; Reuters Messaging: @brucereuters))
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