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MNI BRIEF: UK Gilt Market Stressed - DMO Head

(MNI) London

The UK gilt market "is stressed and I don't think we should pretend otherwise," Debt Management Office head Robert Stheeman told the Treasury Select Committee on Wednesday. Stheeman told the TSC that there was no doubt that the spike in gilt rates following the Sep 23 mini-budget was a UK specific event but that, encouragingly, 10 year yields were now back to pre mini-budget levels.

The DMO is set to receive a new funding requirement on Nov 17 when the Autumn statement and new Office for Budget Responsibility forecasts are published, with the funding requirement likely to be cut.

Nevertheless, Stheeman said that "It will be challenging for the rest of the financial year" even though concerns over UK credit worthiness had eased and there was more confidence in the market than a few weeks ago.

MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com

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