UK Sovereign
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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
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The sovereign has raised more than £59bn from syndications in this financial year
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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Other markets overshadow labelled public sector issuance in sterling
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Choice of 10 year tenor key to success, says DMO
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◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position
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DMO has two more syndications left for this financial year
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◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month
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Vacancy filled following Jessica Pulay's promotion to be chief last year
