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MNI INTERVIEW: Fall In Long-End Issuance Structural - UK DMO

(MNI) London

Changes in gilt issuance plans reflect a shift in British pension funds' liabilitiy structures, the head of the UK DMO tells MNI.

A shift in UK government debt issuance from the long end of the curve comes partly because of weaker structural demand from pension funds, Debt Management Office head Sir Robert Stheeman told MNI.

The DMO’s revised issuance plans revealed on Thursday following the Autumn Statement showed a reduction in overall issuance versus September’s plans, with a more pronounced decline in anticipated longer-dated sales. Overall market conditions are much improved since last month, when September's now reversed mini-Budget sparked pronounced volatility, though still not back to normal, Stheeman said in an interview.

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A shift in UK government debt issuance from the long end of the curve comes partly because of weaker structural demand from pension funds, Debt Management Office head Sir Robert Stheeman told MNI.

The DMO’s revised issuance plans revealed on Thursday following the Autumn Statement showed a reduction in overall issuance versus September’s plans, with a more pronounced decline in anticipated longer-dated sales. Overall market conditions are much improved since last month, when September's now reversed mini-Budget sparked pronounced volatility, though still not back to normal, Stheeman said in an interview.

Keep reading...Show less