UK Sovereign

The UK’s chancellor of the Exchequer Philip Hammond is expected to announce a "fiscal reset" when he delivers his autumn statement on November 23 that could include financing plans to pay for infrastructure investment.

The UK Debt Management Office is looking to hit the 40 year area of the curve with its next syndicated issue, which will be an inflation-linked Gilt.

A decision by the UK High Court on Thursday that the country’s parliament must vote to start the process of leaving the European Union could lead to market volatility in the weeks ahead, issuers and bankers have warned. The decision came during an eventful week for the UK, which also included a Bank of England Monetary Policy Committee meeting, a warning from Moody’s over single market access and a debut issue from Aberdeen City Council.

A decision by the UK High Court on Thursday that the country’s parliament must vote to start the process of leaving the European Union could lead to market volatility in the weeks ahead, issuers and bankers have warned.

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.

Rating: Aa1/AA/AA

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.

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.

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.

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.

Bank of America Merrill Lynch has reshuffled the senior management of its debt capital markets and corporate banking teams in London.