UK Sovereign
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A rally thanks to cheaper oil has let the Gilt market defer its reckoning with political risk. But it is coming, for sure -
◆ DMO chief Jessica Pulay on why 2041s won out ◆ Swift execution 'a hallmark' of transaction ◆ Cover ratio slips but breadth holds firm
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◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
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The Gilt market is pricing a Labour leadership contest. The rates volatility market is conspicuously declining to join in
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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
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Switch auctions to make comeback as DMO chief discusses record breaking deal and 2026-27 funding
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◆ First of seven syndications breaks multiple records ◆ Investor engagement and communications helped stable execution ◆ Smaller programme this year but ‘still a lot’ to tackle
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Jessica Pulay, CEO of the UK Debt Management Office, discusses investor engagement
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◆ Spread 'hardly budged' despite recent volatility ◆ Premium and greenium estimated ◆ 'Sensationalised' nuclear energy concerns
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issuer identifies 'most important' syndication metric amid rising international interest
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◆ 'No qualms' getting good trade done ◆ Fair value estimated ◆ Subscription ratio for 15 year rises
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Chancellor’s fiscal headroom surprisingly doubles but backloaded consolidation efforts raise concerns
