I see it is pretty much confirmed that the good old War Loan 3.5% is being repaid next March. Congratulations to anyone who bought it low. However, I will miss it a bit as a sort of compass point (e.g. yield on a risk free callable perpetual), and it was just about the best yield available from a gilt.
Presumably calling this is a sign the Treasury is confident gilt yields will stay low for a very long time to come. Any thoughts?