A 10-year gilt auction earlier this month cleared at the highest yield for a 10-year sale since 1999, according to a Substack newsletter citing Proactive Investors.
The newsletter says the Debt Management Office sold £4.25bn of 10-year gilts at an average yield of 5.38%. The figure has not been checked against the Debt Management Office's own records.
The result is consistent with figures already published. The IFS says 10-year yields reached 5.4% on 2 October, up from 4.4% before the Spring Forecast.
When the newsletter was published, it put the 10-year yield at about 5.42% and the 30-year at about 5.93%, citing FT Markets. That is below the 6.04% peak for the 30-year reported earlier this month.
Higher yields raise the government's borrowing costs. That bears on the headroom the Chancellor, John Healey, has against his fiscal rules before the Budget on 28 October.