London Traders Are Stuck With an Ultra-Long Bond Bet Gone Bad (opens in new tab)

(Bloomberg) -- It was supposed to be a relatively quick and lucrative bet. Buy a long-dated UK government bond at an historic discount to par, wait for the price to pop and then reap a tax-free windfall.Most Read from BloombergBungie Plans Layoffs After Ending ‘Destiny 2’ DevelopmentSpot the Difference: Putin Gets Trump Treatment From Xi in ChinaIran Says the US’s Latest Proposal Has ‘Narrowed the Gaps’Iran in Talks With Oman Over Permanent Hormuz Toll SystemModi’s Toffee Gift to Meloni Ignites