Sie befinden Sich nicht im Netzwerk der Universität Paderborn. Der Zugriff auf elektronische Ressourcen ist gegebenenfalls nur via VPN oder Shibboleth (DFN-AAI) möglich. mehr Informationen...
UK debt office pushes back after MP scrutiny of government bond sales
Ist Teil von
FT.com, 2020-12-21
Ort / Verlag
London: The Financial Times Limited
Erscheinungsjahr
2020
Link zum Volltext
Beschreibungen/Notizen
Mr Stride had highlighted how the size of syndication order books corralled by banks often outstrips the amount of gilts being sold — at the latest one, investors placed orders of almost £50bn for £6.5bn of gilts — and queried whether this meant they could be sold at an even lower interest rate. Mr Stride had also questioned whether investors and banks might have an incentive to shun gilts which new government bond sales are priced off, artificially lowering their price ahead of the syndication and therefore lift the effective interest rate the government pays. The DMO stressed that its mandate did not include market supervision, but said that it closely monitors how gilts trade around syndications, and pointed out that if this was occurring one would see the price of benchmark gilts diverge from the rest of the UK government bond market, falling ahead of the sale and rising afterwards.