UK Sovereign

The UK Debt Management Office raised £8bn ($10.24bn) with its first 15 year syndication on Tuesday morning, the first of two Gilt syndications it will hold during September.

The UK Debt Management Office has chosen the banks to lead the first ever 15 year Gilt to be sold via syndication, which will hit the market next week

The UK Municipal Bonds Agency has enjoyed a successful sophomore effort in the bond market, printing £250m of 40 year paper for Lancashire County Council.

The UK Municipal Bonds Agency is in the market with a £250m no-grow 40 year bond on behalf of Lancashire County Council. Initial price thoughts indicate the yield will be substantially below the rate charged by the government's Public Works Loans Board — the usual source of finance for councils.

The UK Municipal Bonds Agency (MBA) has picked banks for its second trip to market, eyeing the ultra-long end and once again raising cash on behalf of Lancashire County Council. Although the bond will be in conventional format, the MBA is looking to issue green bonds in the future.

Andrew Bailey, governor of the Bank of England, has announced that negative rates are “part of the toolbox” but that he sees no reason to make use of them yet.

The UK Debt Management Office has chosen the maturities and issuance windows for its two planned syndications in September. One of the syndications will be a new 15 year Gilt, which divided opinion among investors at a consultation last week.

At a consultation on Monday, Gilt-Edged Market Makers and investors were divided on the UK’s proposal for a new 15 year Gilt to be sold through syndication in September.

Agreement in the EU this week on a €750bn recovery fund should remind market participants of the UK’s newfound vulnerability.

The UK Debt Management Office intends to sell a new 15 year Gilt via syndication in early September for which it will seek feedback through a consultation with Gilt market participants next week.

Each week, Keeping Tabs brings you the very best of what we have found most useful, interesting and informative from around the web. This week: what’s next for the US after its war on Huawei, the impact that more robots would have on the gender pay gap, and a look on the bright side of Europe’s mishmash of state guarantee schemes.

This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes in mid-July.