UK 30-Year Gilt Yield Nears 6%, Highest Since 1998

The failure of the UK's post-2022 playbook — skewing issuance away from long-dated gilts to cap borrowing costs — signals that supply management alone cannot offset the underlying repricing of long-term sovereign risk. That matters beyond the UK, because it suggests the term premium is being reset globally rather than driven by any single issuer's tactics, which feeds directly into the discount rates used to price long-duration assets, including tokenized Treasuries and other yield-bearing RWA products. Whether the 30-year yield holds near 6% or retreats is the open question, and it will likely turn on demand at the long end rather than on issuance calendars.