The Debt Management Office sold £4.5bn of 5-year gilts on Tuesday 27 October at an average yield of 5.036%, Reuters reports. Reuters says that is the highest yield for a 5-year gilt since 2008.
The sale came the day before the Chancellor, John Healey, delivers the Budget on Wednesday 28 October. Reuters says the result shows the bond-market pressure on him ahead of the statement.
It follows Monday's fall in the 10-year gilt yield to 5.34%, also reported by Reuters. The two figures cover different maturities and are not directly comparable.
The comparison with 2008 is Reuters' own and has not been independently checked.