UK Sovereign
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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. -
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.
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The UK Debt Management Office (DMO) raised £4bn after it reopened its 2054 Gilt this week with market participants signalling their preference for the maturity rather than even longer maturities, said chief executive Robert Stheeman.
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The UK Debt Management (DMO) and European Investment Bank reopened a quiet sterling market on Tuesday with a pair of syndicated taps, which bankers feel will leave issuers and investors "confident" to follow.
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Inflation-linked Gilts suffered a steep sell-off in the secondary market on Wednesday as investors priced in proposed changes to the methodology of the Retail Price Index (RPI).
