UK gets record demand at government debt auction; FTSE 100 index sets new closing high – as it happened

Sale of index-linked debt sees record demand, while UK bond yields are only marginally higher on the back of political chaos'

Southern Water is looking to tap the bond markets for hundreds of millions of pounds, just days after apologising for the catastrophic spill of plastic biobeads that polluted the Sussex coastline.

Bloomberg reports that Southern Water is looking to sell as much as 600m of bonds today.

The firm is sounding out investors for five-year and eight-year sterling denominated notes, both with a spread of around 230 basis points over gilts at initial price thoughts, according to a person familiar with the matter.

At the same time, the company announced a tender offer for 350 million of Sub-Class A4 notes that mature in March 2026 at a purchase price of 100.5. It will conclude on November 19, according to a statement.