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MNI BRIEF: UK Pension Funds Call On BOE To Extend Intervention


The Bank of England should extend its intervention in gilts markets to at least the time of the government's planned fiscal event on Oct 31, the Pension and Lifetime Savings Association said on Tuesday, speaking after the BOE earlier added inflation-linked gilts to its GBP40 billion temporary bond-buying scheme. (See MNI BRIEF: BOE Adds Linkers To GBP40 Bln Bond Buying Scheme)

"A key concern of pension funds since the Bank of England’s intervention has been that the period of purchasing should not be ended too soon, for example, many feel it should be extended to the next fiscal event on 31 October and possibly beyond, or if purchasing is ended, that additional measures should be put in place to manage market volatility," the PLSA said in a statement.

Ten-year gilts traded little changed at about 4.43% around midday in London. The benchmark 30-year, the focus of the turmoil in recent weeks, was last at 4.675%, also little changed on the session, but off the worst levels of the day.

Yield of 30-year UK Gilt over last 15 trading sessions

Source: Bloomberg

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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