UK Sovereign
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Transparency and flexibility will be crucial to avoid market disruption -
Borrowers and investors should keep their eyes on Gilts
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Delay for ESG investors to digest new UK policies
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This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes in August.
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Despite high inflation readings, the Bank of England’s monetary policy committee voted to keep up its purchases of UK government bonds at its meeting on Thursday. The MPC did offer some guidance on when the central bank will begin to reduce its stock of assets.
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The Bank of England will hold a key monetary policy meeting on Thursday, where market participants hope to glean some insights on how the Bank will react to the UK’s surging rate of inflation.
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The UK’s Municipal Bonds Agency is not going anywhere. Despite a late 2020 curve ball in the form of a 100bp cut to the UK’s Public Works Loan Board lending rate, which undermined the MBA's ability to raise competitive bond market funding on behalf of local councils, the agency has a pipeline of deals coming together, some of which will carry ESG labels for the first time.
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Lloyds Bank has formulated a succession plan to prepare for the departure of Allen Appen, its head of bond financing, as another senior figure prepares to leave its debt capital markets group.
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Barclays has made several further promotions across its capital markets and M&A teams in London and New York, a week after rolling out a new global investment banking management structure.
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NatWest Markets has hired UK rates trader James Bucknall from Deutsche Bank, where he was head of sterling trading.
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The UK impressed onlookers with its sale of the second syndicated conventional Gilt of its 2021/22 financial year on Tuesday.
