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UK primary dealers seek 2071 gilt for next sale via syndication

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LONDON (Reuters) – Primary dealers of British government debt want the Debt Management Office (DMO) to sell Britain’s longest-dated bond via syndication at its next sale, pencilled in for the first half of October.

The dealers, known in Britain as Gilt-Edged Market Makers (GEMMs), were unanimous in that view, minutes from a DMO meeting showed on Tuesday.

The DMO is due to publish its schedule of gilt auctions, including the 1.625 percent 2071 conventional gilt <GBT1F71=>, for October through December on Aug. 31.

There was strong demand at the first sale via syndication of the 2071 gilt, held in March. Ultra-long British government bonds typically draw strong demand from life insurers and pension funds, who use the bonds to match long-term liabilities.

(Reporting by Andy Bruce; editing by John Stonestreet)

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