UK Sovereign
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Voters go to the polls on Thursday to pick the next UK government, with the outside possibility of a far left Jeremy Corbyn-led Labour government keeping capital markets bankers awake at night. But the return of Marxism might hold some silver linings for them. -
The UK Debt Management Office (DMO) has announced the timing of the fifth and final syndication of its financial year.
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The sterling public sector bond market was alive on Tuesday as the UK sold the penultimate syndication of its financial year and Caisse des Dépôts et Consignations returned to the currency for the first time since January 2018.
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The wave of UK local authorities set to enter capital markets after the central government started charging them more for borrowing began to break this week as Redbridge Council raised £75m through a deferred bond. In doing so, it achieved better costs of funding from the market than it would from the Public Works Loans Board. More councils are set to follow.
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Redbridge Council raised £75m through a deferred bond this week. A banker close to the deal said other local authorities would be following close behind.
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The UK Debt Management Office has chosen the banks to lead the re-opening of its 0.125% 2041 index-linked Gilt, which is scheduled to take place next week.
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The UK Debt Management Office will in November sell the fourth of five planned Gilt syndications during its 2019/20 financial year.
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The Public Works Loans Board has given investment banks and asset managers the Christmas present they have been praying for for years. By hiking the cost of loans to local authorities, it will force them into private capital markets. Big mistake.
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This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes as we approach the end of October.
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The African Export Bank (Afexrimbank) has filed initial paperwork before a potential float on the London Stock Exchange.
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The UK Treasury has started the search for the banks that will structure its second sukuk, planned for early next year.
