UK Sovereign

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.

As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.

The UK Debt Management Office sold a new 10 year Gilt via auction on Tuesday that was priced with its second lowest yield in history. Investors piled into the haven asset as the risk of the UK crashing out of the EU without a deal rose following Boris Johnson's anointment as leader of the ruling Conservative Party.

The City of London Corporation will raise £450m ($562m) of debt from its first US private placement deal, surpassing expectations. The debt will be issued under a green and sustainable financing framework.