Robert Stheemans job should be a boring one. That is what sovereign funding officials do boring, safe deals. Stheeman, however, has not been afforded the luxury of a boring life at the DMO.
The UKs borrowing requirement has rocketed from £60bn to £200bn during his tenure, but he has introduced a phenomenally successful and consistently record-breaking syndication programme to cope with it.
The UKs borrowing costs are now so low that there has even been talk of a 100-year Gilt.
Stheeman and his team in particular Martin Duffel, who runs the DMOs daily operations have managed this feat and drawn accolades by listening to advice and not taking dealers for granted, while sticking to the principle that the bond markets are about the people within them."He personally calls you to let you know you havent got the mandate before you see it on the screen," says one syndicate manager. "There is no one more eloquent in the market. You can have a conversation with him about anything and everything."