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Winterflood Securities Give Retail Investors Access To Auctions

GILTS
HomepageBond Market NewsBulletMarketsFixed Income Bullets

Winterflood Securities have opened up primary market access for retail investors in gilts through two major retail investment platforms (Hargreaves Lansdown & Interactive Investor).

  • This comes after the well-documented grab for fixed rates/bonds that has taken place as developed market central bank hiking cycles mature.
  • Secondary market gilt demand had already swelled, largely owing to tax benefits for higher earners.
  • Retail demand isn’t a UK phenomenon, with demand at retail-specific bond offerings in Italy and Belgium getting plenty of airtime in recent months.
  • The DMO had previously flagged an examination of the “potential for retail investors to contribute more significantly to meeting the overall financing requirement.”
  • The FT notes that the DMO head has said that the Office “very much welcome this collaborative, market-led initiative. We value the importance of having as diverse an investor base as possible and this initiative will provide retail investors with an additional opportunity to access gilts.”
  • The process will start with next Wednesday’s GBP4bn offering of the 4.00% Oct-31 gilt.
  • Hargreaves Lansdown write “clients will have until 16:00 the day before the auction to apply. This means that clients have 6 days to review the prospectus and submit an order. Our clients will receive the Average Accepted Price determined during the auction.”
  • The Winterflood release on the matter can be found here.
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Winterflood Securities have opened up primary market access for retail investors in gilts through two major retail investment platforms (Hargreaves Lansdown & Interactive Investor).

  • This comes after the well-documented grab for fixed rates/bonds that has taken place as developed market central bank hiking cycles mature.
  • Secondary market gilt demand had already swelled, largely owing to tax benefits for higher earners.
  • Retail demand isn’t a UK phenomenon, with demand at retail-specific bond offerings in Italy and Belgium getting plenty of airtime in recent months.
  • The DMO had previously flagged an examination of the “potential for retail investors to contribute more significantly to meeting the overall financing requirement.”
  • The FT notes that the DMO head has said that the Office “very much welcome this collaborative, market-led initiative. We value the importance of having as diverse an investor base as possible and this initiative will provide retail investors with an additional opportunity to access gilts.”
  • The process will start with next Wednesday’s GBP4bn offering of the 4.00% Oct-31 gilt.
  • Hargreaves Lansdown write “clients will have until 16:00 the day before the auction to apply. This means that clients have 6 days to review the prospectus and submit an order. Our clients will receive the Average Accepted Price determined during the auction.”
  • The Winterflood release on the matter can be found here.