UK Sovereign
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The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that amazed bankers away from the trade. -
The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that leads called a “rousing success”.
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The Bank of England raised its base rate for the first time in more than 10 years on Thursday — but analysts described the move as a “dovish” and “pessimistic” hike. Gilt yields fell following the move, providing a potential boon for a UK Debt Management Office (DMO) syndication next week.
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The UK this week once again broke its record order book, with bankers suggesting the huge demand may have been down to investors taking their last chance for ultralong sovereign sterling paper for some time.
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The UK Debt Management Office (DMO) tapped a 2065 line for £4bn on Tuesday, upping the size of the transaction because of “impressive quality of demand”.
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Brexit talks about Britain’s place in the European Investment Bank (EIB) failed to move forward this week, and called into question the status of many UK loan applications that remain on hold.
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The UK Debt Management Office plans to sell a new index-linked Gilt in the 30 year area of the curve in November, it said on Thursday, as it prepares for its next syndication next week.
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The UK Debt Management Office has selected the banks that will run its next syndication.
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The UK Debt Management Office looks likely to bring a new index-linked Gilt in the 30 year area of the curve in November after investors and banks both called for the issue. That came as the DMO firmed up plans for its next syndication, in September.
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Gilt yields dropped on Thursday after the Bank of England’s Monetary Policy Committee voted 6-2 to hold the Bank Rate at 0.25% — a higher majority than the 5-3 in favour of holding at its last meeting in June. The more dovish result came after weeks of hawkish noises emanating from the central bank. Meanwhile, the Province of Alberta returned to the sterling market to tap its debut issue from earlier this year.
