UK Sovereign

The UK is preparing to launch its second sukuk in early 2020, said city minister John Glen on Wednesday in a speech at an Islamic Finance Week event held at Mansion House.

Sajid Javid, the UK chancellor of the exchequer, said on Wednesday that the government has no intention to stop the sale of Gilts linked to the Retail Price Index (RPI), and that no changes would occur to the methodology until at least 2025.

The UK Debt Management Office on Friday announced the syndicate that will run its forthcoming tap of the 2054 Gilt, as well as its plans for a further Gilt syndication to be held during the third quarter of 2019.

The UK Debt Management Office has announced that it is planning to reopen its 2054 Gilt through syndication in the week beginning September 9.

The UK was over two and half times covered for a tender of long end Gilt on Thursday.

The UK Debt Management Office said on Tuesday that it planned to hold a tender offer for up to £500m of its 4.25% 2046 Gilt. Meanwhile, Gilt-edged market makers (GEMMs) and investors have expressed their preferred timing, structure and maturity choice for the sovereign’s next syndication.

The UK Debt Management Office is seeking views from its primary dealer group and other interested parties for a tender offer for a conventional Gilt.

The two to 10 year section of the gilt market inverted on Wednesday, strengthening portents that the UK is headed for a recession, though SSA bankers showed no concern about the moves.

UK sovereign debt yields fell to their lowest level on record on Monday, despite warnings that the new government’s latest spending promises and the threat of a no deal Brexit will heap pressure on the UK’s credit metrics.

UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.

Populism and economic change are melting down old idols. When the next crisis comes, new fiscal and monetary tools will be used — including helicopter money.

Boris Johnson, the UK's new prime minister, has spent most of his first week in power making life difficult for his new chancellor. Announcing big investments in transport infrastructure, health and social care in his first speech on the steps of 10 Downing Street, Johnson is already racking up the bills.