UK Long Bonds Post Record Rally as BOE Moves to Stem Crash

Yield on 30-year gilts fell 106 basis points to 3.93%
BOE move follows disorderly selloff in recent sessions

BOE to Buy Long-Dated Gilts in Effort to Calm Markets

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By Greg Ritchie, Libby Cherry, and Alice Gledhill

September 28, 2022 at 10:11 AM UTC

Updated on

September 28, 2022 at 5:10 PM UTC

This article is for subscribers only.

UK 30-year bonds posted their biggest-ever rally after the Bank of England stepped in to halt a market crash fueled by forced selling from pension funds.

The yield on the securities plummeted 106 basis points to 3.93% after the BOE said it would buy an unlimited amount of long-dated bonds until Oct. 14 and delayed planned bond sales under its quantitative tightening program. That’s the largest drop in data going back to 1996.