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UK consults on long bonds

The UK’s Debt Management Office has launched a consultation on ultra-long dated government bonds following talks with the pension industry last summer.
The DMO said it has been asked by Chancellor Gordon Brown to consult the market about the possible introduction of around 50-year conventional and index-linked gilts and 50-year annuity type gilts.
A longevity bond is also being examined. The office has published a consultation document looking at the demand for such issues, the benefit to government and investors, issuance design and methods.
“As part of its continuous dialogue with investors, the DMO has already held informal talks this summer with several pension industry participants in order to gauge the size and nature of the industry’s demand for gilts going forward,” the DMO said.
“These talks suggested that demand for high-quality bonds from the UK pension industry and other investors is likely to increase in the future.”

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