UK Sovereign
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UK Labour Party leader Keir Starmer has proposed a “British Recovery Bond” — a retail government issue that would be used to finance SME lending to help kick-start the economic recovery from the coronavirus pandemic. It can be tempting to dismiss such measures as political posturing, but there are some genuine advantages to the proposal, and it deserves its day. -
Two factors bear outsized influence on capital markets — Covid-19 and central bank stimulus. But the temptation to see these powerful forces culminating in one of two extreme outcomes — another crash as a feeble economy flounders, or a boom like the 1920s US — must be resisted.
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The UK sold its last syndication of the financial year on Tuesday, selling a £2.25bn 2051 index linked bond — its first syndication in the format since November 2019.
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The International Development Agency sold a sterling benchmark on Wednesday, raising £1bn with its second benchmark in the currency.
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The UK Debt Management Office has picked the banks to lead the launch of a new long-dated index-linked Gilt, which will be the final syndicated transaction of its 2020/21 financial year.
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HSBC appoints two within AIBC — Credit Suisse Asset Management hires head of origination in direct lending — Richard Luddington joins Rothschild
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The UK Debt Management Office has appointed two banks as structuring advisers for the sale of its inaugural green Gilt, due to be issued this year.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, January 25. The source for secondary trading levels is ICE Data Services.
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The UK Debt Management Office launched a new 25 year line on Tuesday, raising £6.5bn. The DMO also published the minutes of its call with investors and Gilt-edged Market Makers on Monday, revealing strong appetite for inflation-linked products.
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The UK Debt Management Office has chosen the banks to lead the sale of a new 25 year conventional Gilt via syndication, following support for this maturity by Gilt-edged Market Makers (GEMMs) and investors in a consultation at the end of November.
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The UK Debt Management Office has responded to a letter from the chair of Parliament’s Treasury Select Committee Mel Stride, questioning whether the DMO’s syndications were priced to obtain the best value possible for the taxpayer.
