UK Sovereign
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The UK Debt Management Office broke its record book size on Tuesday for the second time in three months, as it also enjoyed a healthy showing from investors outside the country.
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The UK Debt Management Office has named the group of banks that will sell its next Gilt syndication. -
The UK Debt Management Office has picked the maturity and timing for a scheduled bond sale later this month. Elsewhere in sterling, a pair of issuers added deals to a bumper opening week that fell just short of a record.
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As a year where political upsets became the norm drew to a close, GlobalCapital picks the standout trades from a turbulent 2016.
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The UK Debt Management Office has picked a conventional Gilt with a tenor in the 40 year area for a syndication it added to its 2016-17 funding programme after November’s autumn statement.
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The UK Debt Management Office has picked a conventional Gilt with a tenor in the 40 year area for a syndication it added to its 2016-17 funding programme after November’s autumn statement.
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Rising inflation expectations, as governments switch their focus to fiscal stimulus and central banks move away from extremely loose monetary policy, are boosting demand for inflation linked bonds. Opec’s agreement this week to cut oil production pushed demand even higher. But there are question marks over whether issuers will adapt their funding menus to satisfy the new appetite, writes Craig McGlashan.
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The Italian referendum on December 4 has been lurking in SSA bankers' diaries as a dangerous risk event but, on Tuesday, rumours of enhanced European Central Bank support led to a rally in Italian government paper.
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The UK Debt Management Office broke its record low real yield at syndication on Tuesday for the second time in just over four months. The sovereign has also announced the results of a consultation meeting on what form its final two syndications of the 2016-17 financial year should take.
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There may be grounds for criticising the UK’s asset management industry, as the Financial Conduct Authority has done this week. Finding that price competition among active managers is weak, it proposes new regulations to make charges and policies clearer.
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The UK Debt Management Office will have to raise an additional £20.6bn this financial year, including through an extra syndication, but SSA bankers are confident that there will be enough demand to meet the supply.
