UK Sovereign
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Sovereign bags record size as 15 year proves 'sweet spot' -
◆ Large size for long-end deal ◆ Book comparable to 10 year syndications ◆ 'Another strong, real-world response' to UK govvie
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DMO chief says 'broad-based demand' and 'strong international appetite' supported Gilt sale in tricky conditions
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◆ Near-record book of ‘exceptional’ quality ◆ Ten year tenor, fixed income inflows help demand
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UK govvie sold off and curve bear-flattened as Bank of England cuts rate in dramatic fashion
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◆ Large deal kickstarts FY 2025-26’s linker programme ◆ Shorter maturity caters to investor demand ◆ ‘Consistent, business-as-usual approach’ celebrated by markets
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'Modestly-sized' long conventional Gilt followed market feedback
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◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability
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UK government has a £4.9bn higher net financing requirement
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Shift to shorter Gilts as UK gets ready to borrow £304bn in 2025-26
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Borrowing task is second largest ever after Covid response
