UK Sovereign

UK investors have taken the most sensible possible reaction to the news that S&P has revised its outlook on the UK’s credit rating to negative, and heaved a collective sigh of boredom.

Standard & Poor’s cut its outlook on the UK’s credit rating on Thursday evening, leaving the UK lumbered with a negative outlook on its AAA rating from all three major ratings agencies. However, the impact on UK government debt has been minimal and even a full downgrade of the UK’s credit rating in 2013 is unlikely to cause much damage.

The UK’s Debt Management Office (DMO), which plans to sell a pair of syndications before April 2013, may well increase its issuance in the medium part of the curve during its next fiscal year, according to Morgan Stanley.

We’re all used to governments being unable to work together to fix a problem. It’s been the defining feature of the whole Eurozone crisis. But judging by the separate and seemingly contradicting proposals from the UK government on Thursday, perhaps we’ve all been a bit hard on Eurozone politicians. After all, the UK can’t even agree with itself.

The United Kingdom Debt Management Office announced on Wednesday that it has decided to remove the 50 year maturity cap on Gilts, and that in the next fiscal year it will likely look to sell debt maturing in 50 to 60 years.

The UK Debt Management Office (DMO) raised £3.25bn through a tap of its 0.125% 2044 index-linked Gilts on Thursday afternoon, in an auction unusually scheduled for a Thursday — and a US holiday — to coincide with the extension of two key indices.

Robert Stheeman, chief executive of the UK Debt Management Office, the issuer of gilts, has weighed into a debate sparked by Lord Adair Turner on the cancellation of government debt saying the idea, "most likely would be illegal."

The United Kingdom’s Debt Management Office (DMO) brought a 32 year benchmark trade on Wednesday morning which one syndicate banker involved described as being “textbook.” Books remained open for a little over an hour, but the book still managed to reach more than twice the level required for full subscription.

The UK’s debt management office has mandated four banks to run its penultimate bond syndication of the year, which is slated for the week of October 22. The deal is expected to fly out of the gates and print flat to the UK’s curve.

The United Kingdom Debt Management Office (DMO) priced on Tuesday a blow-out new inflation-linked Gilt despite uncertainty surrounding the future of the UK’s inflation indices which could lead to lower returns on the bond.

The UK’s Debt Management Office (DMO) will hold two bond syndications between October and December, it announced today. The issuer also disclosed the results of consultations with GEMMs and investors, giving a hint to what the DMO will syndicate this year.

Transport for London (TfL) was set to print a new 2022 bond on Tuesday afternoon just two weeks after its last bond sale, which ended a six year absence from the market.