UK Sovereign

The UK Debt Management Office hit the market for an auction of a 10 year line on Tuesday, testing the waters at new yield levels and finding demand. However, the short-dated paper scheduled for next week could prove more challenging.

The European Union’s Taxonomy of Sustainable Economic Activities, the latest draft of which was released on Monday, has been hailed by promoters as the opening of a new chapter in responsible investing. But the document is complex and much will depend on how market participants use it.

Lancashire County Council raised £350m ($453.5m) of five year cash on Thursday through the UK Municipal Bonds Agency platform. It is the first local authority to do so since the MBA was set up.

Nomura's head of sovereign, supranational and agency, covered bonds and financials trading has left the bank.

Investors who have been longing for the EU Taxonomy of Sustainable Economic Activities to tell them what is green are now realising that its arrival could make life tricky. From the end of next year, they will have to start reporting how sustainable all their portfolios are. It could prove an enormous headache. But a tiny company has developed a tool it claims can cut out a lot of the worries investors face in working out how to comply.

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, February 24. The source for secondary trading levels is ICE Data Services.

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, February 17. The source for secondary trading levels is ICE Data Services.

The UK Municipal Bonds Agency has chosen a syndicate of three banks to arrange a series of investors meetings starting on Tuesday for its first bond, a five year Sonia-linked floater for Lancashire County Council.

Rating: Aa2/AA/AA

Two sterling public sector bond issues were announced on Tuesday, but aside from timing, the trades had little in common. The UK Debt Management Office printed £2.5bn at 50 years, while the International Finance Corp raised £350m with a seven year.

Artemis Investment Management has appointed Matthew Beesley as its new chief investment officer. He will join in April, replacing Peter Saacke, who will concentrate on managing some of Artemis’s funds.

The UK Debt Management Office has selected the syndicate that will run the books for its upcoming tap — its final syndication of the 2019/2020 financial year.