UK Sovereign
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Speaking at a Treasury Committee hearing on Wednesday, Sir Robert Stheeman, chief executive of the UK’s Debt Management Office, said that he was not concerned about the Bank of England’s decision last week to slow down the pace of Gilt purchases until the end of the year. -
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 22. The source for secondary trading levels is ICE Data Services.
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Andrew Bailey, the governor of the Bank of England, has hinted at a dramatic reversal of the central bank’s long-standing monetary policy strategy, with the idea that it would be better to reduce the stock of its asset purchases before raising interest rates.
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UK government bonds sold off sharply as the Bank of England announced an increase to its asset purchase facility on Thursday but said it expected no further increase to the programme before the end of the year, leading to a much slower rate of buying.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 15. The source for secondary trading levels is ICE Data Services.
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Just as it did in and after 2008-2009, the financing burden of responding to 2020’s crisis has fallen squarely on the shoulders of governments. But there are essential differences between the crises, not least the speed and scale with which sovereign issuers have had to jump into the bond markets. In the UK, within six weeks, a full year’s public borrowing requirement of £156bn had multiplied into a four months’ requirement of £225bn. To put that into context, the UK Gilt market’s previous busiest year was 2009-2010, during which it raised £227.6bn.
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NatWest Markets names CEO and CFO — Natixis appoints new managers for UK and Middle East — Barclays' private capital markets boss leaves
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The UK Debt Management Office launched a syndication on Tuesday, printing a new October 2050 line and raising £9bn.
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The UK Debt Management Office has announced the timing and the banks for its upcoming syndication next month, as it continues to plough through its unprecedented borrowing programme.
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The EU should further loosen bank leverage ratio requirements if it wants to avoid a credit crunch amid Covid-19, according to Michael Lever, head of prudential regulation at the Association for Financial Markets in Europe.
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The Bank of England this week signaled that it is changing its stance and considering bringing its base rate into negative territory. But with the UK Debt Management Office (DMO) issuing three year paper with a negative yield for the first time, as well as printing £7bn ($8.56bn) of 41 year bonds, there are few worries for the SSA market.
