UK 10Y yield falls 9.5 bps to 5.135%, fresh daily low

The synchronous decline across the entire UK curve, with the 30- and 50-year tenors falling nearly as much as the front end, points to a broad repricing rather than a specific maturity-led move. The stability of the 2/10 spread suggests the move is driven by duration-wide demand or external factors, not a shift in rate expectations. For gilts, the key question is whether this reflects a durable reversal of the recent selloff or a temporary correction amid thin liquidity. The fact that long-dated yields are participating so heavily implies investors are reassessing term premium, which could have implications for fiscal sustainability concerns that have pressured the market.