UK DMO Roundtable (April 2026)
Tactical adaptations helped the UK Debt Management Office achieve the second largest financing remit in its history in fiscal year 2025/2026. If it found last year challenging for borrowing, it may be nothing compared to the one that has just begun. The DMO received its remit for 2026/2027 only a few days after war erupted in the Middle East. How much the government and the Bank of England will have to intervene to help the economy during the crisis and its aftermath is the subject of much uncertainty. However things play out, they raise the prospect for Gilt-Edged Market Makers, the UK’s primary dealers, and investors of higher public spending, rising inflation and increases in interest rates; not the cuts that were forecast at the beginning of 2026.
Against this backdrop, GlobalCapital assembled the DMO’s chief executive, market participants and investors for this roundtable to consider the Office’s performance and the evolution of the Gilt market.
Roundtable participants
| Matthew Amis, investment director, Aberdeen Group plc |
| James Athey, fixed income fund manager, Marlborough |
| Ian Hale, head of European inflation trading, RBC Capital Markets |
| Carina Lindberg, head of GBP trading, Nomura |
| David Parkinson, head of sterling rates sales, Santander |
| Jessica Pulay, chief executive officer, UK Debt Management Office |
| Gordon Shannon, partner, co-head of investment grade, TwentyFour Asset Management |
| Moderator: Addison Gong, SSA editor, GlobalCapital |