(Bloomberg) -- The UK received more than £65 billion ($82 billion) of orders for an inflation-linked bond maturing in 2054, in the first syndication since last month’s budget.

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The Debt Management Office’s offering raised £4.25 billion at a price of 4 basis points over comparable notes, according to people familiar with the matter who asked not to be identified.

Megum Muhic, a strategist at RBC, had anticipated strong demand, citing the relative cheapness of the debt on various measures.

UK 10-year yields had climbed to a one-year high at 4.59% in the wake of the budget on Oct. 30 after Chancellor of the Exchequer Rachel Reeves announced the second-largest issuance plan on record. The benchmark has fallen since then to trade at around 4.35% on Tuesday.

The last syndicated bond sale in September for a 2040 note attracted record-matching demand of over £110 billion. Such debt syndications are typically more expensive than auctions, but they allow governments to raise large sums quickly while diversifying their investor base.

Bookrunners on the new deal were Barclays Plc, Bank of America Corp., Citigroup Inc. and NatWest Markets.

(Updates to reflect the sale has concluded)

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