UK Sovereign
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The UK Debt Management Office is reshuffling its funding strategy for the 2016-17 financial year, including adding the possibility of selling short to medium term conventional Gilts via syndication. -
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The Bank of England has printed $2bn of three year paper from a heavily oversubscribed book, as fears of a UK exit from the European Union showed no impact on the central bank’s bonds.
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A record breaking start to the year for SSA issuance in sterling kept pace this week, as the bond market showed little sign of contagion from a drop in the currency to a seven year low versus the dollar — and indeed may even have received a boost from the devalued currency.
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Senior capital markets bankers are preparing their teams for months of speculation on Britain’s possible exit from the European Union, after the markets treated them to a glimpse of investors’ uncertainty on the issue this week.
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Any fears that investors might be nervous about sterling bonds in the run-up to the UK’s referendum on European Union membership eased with a pair of deals on Tuesday.
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A plunge in sterling’s value on Monday after the UK government picked a date for the country’s European Union membership is unlikely to stop SSAs adding to a record breaking year in the currency so far, said bankers.
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Barclays has announced a swathe of debt capital markets promotions, several new desk heads, and a new structure for EMEA, following last week's changes to the DCM management team.
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Emmanuel Smiecench, former managing director on the sovereign, supranational and agency syndicate desk at Société Générale, has returned to the market.
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The UK Debt Management Office has mandated banks for the sale of a Gilt set for the week beginning February 22.
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European credit markets, led by the banking sector, have seen risk escalate over the past several weeks with the Markit iTraxx Europe Main index seeing its spread widen to the highs of June 2013. One bright spot however, has been the region’s sovereign credit, which has largely steered clear of the contagion that developed in the corporate market.
