UK Sovereign
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Worries that the UK could lose access to the single market are already largely priced in, said SSA bankers, as Moody's warned that it could downgrade the sovereign if access is not part of a deal with the European Union. -
Aberdeen City Council was able to raise £370m on Tuesday with a bond issue that was the first ever from a sub-sovereign Scottish borrower.
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The UK Debt Management Office laid down a strong marker for its host country with a super smooth syndication on Tuesday that attracted a strong showing from international investors and a record book.
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The UK Debt Management Office swatted away weeks of Gilt volatility to tighten pricing, hit the upper end of size expectations and attract overseas demand with a £4bn tap of its 2.5% 2065s on Tuesday.
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A city in the north-east of Scotland that has been generating headlines of late for its links to the troubled oil market — as well to Donald Trump — is set to hit the road for a sterling bond issue.
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UK government bonds this week joined the country’s currency in taking a hammering, but public sector bankers are confident that a scheduled Gilt syndication next week will go well — and there could also be arbitrage opportunities in sterling.
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Bank of America Merrill Lynch has reshuffled the senior management of its debt capital markets and corporate banking teams in London.
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UK government bonds have suffered their biggest monthly loss in over 20 years this week, although the price had begun to recover by Wednesday morning, with a syndicated tap set for later this month.
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Barclays, Lloyds Bank, Nomura and Royal Bank of Scotland will run the sale, scheduled for the week beginning October 24.
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UK government bond yields fell on Thursday, despite the Scottish government starting the process of launching a second independence referendum.
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The UK Debt Management Office will transfer its responsibility to provide reference prices on the £1.4tr Gilts market to FTSE Russell and Tradeweb, likely by the spring of next year.
