UK Sovereign
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It does not make sense for the UK Debt Management Office (DMO) to change its index for inflation linked bonds before the government has decided on its preferred measure of inflation, said market participants, responding to a report from the country’s politicians. -
The UK Debt Management Office showed no effects from the ‘noisy UK environment’ to comfortably conclude its 2018/19 syndicated programme on Tuesday. KfW will add to the sterling SSA supply this week after picking banks for its third benchmark in the currency this year.
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Gilt investors in Scotland last Friday called on the UK Debt Management Office to reduce the proportion of long end issuance in both conventional and index-linked formats in its next financial year.
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The UK Debt Management Office has appointed a four bank syndicate to run the final syndication of its 2018/19 financial year.
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The UK Debt Management Office has selected the week it will sell its final syndication of the year, a reopening of the 0.125% 2041 index-linked Gilt.
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Index-linked Gilts took a hit on Thursday after a House of Lords committee concluded that the UK government should correct an “error” in the Retail Prices Index calculation — a tweak that would cause “material detriment” to bondholders.
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Gilt yields jumped on Wednesday morning as investors bet that the UK government’s record defeat in its parliamentary vote on its Brexit deal on Tuesday would lead to a softer Brexit — or even no Brexit at all.
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Trading platform operator Tradeweb has received regulatory approvals to operate trading venues from Amsterdam as it solidifies its preparations for Brexit.
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UK government bonds have been playing their traditional role as a haven trade for sterling investors amid the Brexit turmoil of the last 2.5 years. But some investors warn that this could change if the Labour Party wins a general election, as a ‘Corbyn premium’ will push up Gilt yields.
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UK government bonds have been playing their traditional role as a haven trade for sterling investors amid the Brexit inspired turmoil of the last 2.5 years. But one possible outcome, the likelihood of which has grown this week — a Labour Party victory in a general election — could push up Gilt yields because of what investors have dubbed the ‘Corbyn premium’.
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Rising hopes that the UK can escape the nightmare of Brexit are misplaced. A second referendum would carry huge risks, and even if the outcome were Remain, it would leave an unstable Britain with a damaged relationship with the rest of the EU.
