UK Sovereign

Issuance has kept going by giving investors just what they want

◆ Oil slides, easing inflation fears ◆ Vote split and September QT signals to set tone for Gilts ◆ Oil-driven hike pricing unwinds days before the Bank decides

◆ Oil trumps politics ◆ Kuwait scores late winner ◆ How to save Thames Water harmlessly

New prime minister and surprise chancellor jolted the Gilt market, but oil shooting above $100 shows where the real power lies

John Healey resigned because the money was not there for defence. It may not be there for anything

◆ One chancellor in, one unfunded offset spotted already ◆ UK defence equities gain, but Gilts wait ◆ Wages do the Bank of England's work

Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief

◆ First of two planned linker syndications for 2026-7 executed swiftly ◆ Earlier book open, quick three hour execution to limit risk ◆ £93bn of Gilts issued off year's £246bn programme since April 1

A Kilt will pay a spread over Gilts it cannot justify on credit, which makes it a political gesture rather than a funding tool

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

◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'