There needs to be a balance. Pension fund managers or large insurance companies are very fond of long-term bonds because their liabilities are long-term. However, they represent only a segment of the market.
For the government, the curve goes up on average. It costs the government more for long-term loans than for short-term loans. There is indeed a demand for long-term bonds, but the government does not want to issue all its bonds in the long term, because that would cost more. It is a question of balance. It is good for the government that there is a strong demand for bonds, but our advice was to find a balance. So there are a number of objectives.