UK Sovereign

UK government bonds could lose some of their stature as a risk-free investment and start to be treated more like credit products in the event that no breakthrough is made in Brexit negotiations, according to one portfolio manager.

The UK Debt Management Office (DMO) started its 2019/20 funding year with a bang on Tuesday, selling a six and a half times subscribed issue.

The World Bank printed its second Sonia linked note on Wednesday as part of efforts to build its Sonia curve. The supranational has now sold over £2.5bn of Sonia paper across two benchmark bonds since September 2018.

The UK Debt Management Office has chosen the tenor for the first syndication of its 2019/20 financial year, which is expected to come in the week commencing May 13.

The UK Debt Management Office has mandated four banks for the first Gilt syndication of its 2019/2020 financial year.

The Bank of England will publish the minutes of its policy meeting on Thursday, with investors and bank analysts aligned in thinking that a Brexit extension will see a small but noticeable move towards more hawkish language from the bank.

An SSA/EM origination banker at Barclays resigned from the bank on Tuesday.

MUFG has relocated 21 staff to Paris, including all its European DCM origination bankers, all its sales people who cover European investors and an MTN banker.

FTSE Russell is reviewing China for a potential upgrade under its framework for index eligibility, opening the door for onshore bonds’ inclusion in the FTSE World Government Bond Index (WGBI).

Credit Suisse has hired a banker from NatWest Markets for its European financial institutions syndicate team.

Tim Throsby, CEO of Barclays International and Barclays Bank, has quit the company, as it reorganises its corporate and investment bank.

Find out how far European sovereigns have progressed in their 2019 plans as the first quarter draws to a close.