All gilts articles
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NewsGilt market reaction to UK Budget remains subdued despite OBR leak
Gilt market reaction to the UK Budget was ‘subdued’
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NewsFondoposte builds bond portfolio with tilt to Italian sovereigns
Amundi, one of the pension fund’s fixed income asset managers, will overweight US Treasuries and UK Gilts
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Opinion PiecesThree years on from the LDI crisis, has the UK pension industry learned its lesson?
This issue of IPE goes to press almost exactly three years after the UK pension industry was thrown into disarray by what many remember as the ‘LDI crisis’. On 23 September 2022, then British chancellor Kwasi Kwarteng announced sweeping tax cuts that prompted a frenzied sell-off ...
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NewsNEST sees bond opportunities amid UK fiscal uncertainty
Liz Fernando, NEST’s CIO, says she was ‘slightly surprised how resilient the equity market has been’
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NewsBoE launches repo facility to help tackle severe Gilt market dysfunction
The CNRF will lend to participating insurance companies, pension schemes and LDI funds to help maintain financial stability
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NewsUK investment industry rules out LDI Crisis 2.0 as bond yields soar
UK 10-year Gilt yield rose to 4.93% today following increased borrowing costs from government
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AnalysisAnalysis: Greenwashing risk in sovereign green bonds
‘The political cycle drives much higher volatility for sovereign green bonds than corporate ones when it comes to climate credibility,’ says Ulf Erlandsson
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NewsBank of England calls on pensions industry for financial stability responsibility
‘Central banks cannot be a substitute for the primary obligation of LDI funds to manage their own risk,’ says BoE
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Country ReportUK: to barbell or not to barbell?
In the new world of lower LDI leverage, trustees must choose between maintaining hedging or diversification
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NewsBanking sector crisis increases UK scheme deficits in March, says Broadstone
Fully hedged schemes outperform half-hedged schemes for the first time since interest rates started to rise significantly last year
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NewsUK pensions industry calls for delay of DB Funding Code implementation
Critics of the proposed regulations argued that the new legal framework would be overly rigid
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NewsGlobal pension assets down 16.7% in 2022
UK pension funds suffered the greatest losses due to their forced selling of Gilts during the liquidity crisis last autumn
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NewsUK trustees urged to actively consider impact of Gilts crisis
XPS launched an LDI Oversight Service to help trustees review their LDI arrangements
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FeaturesAhead of the curve: Time to automate collateral management
The resilience of financial markets has been tested several times in recent years, from the so-called ‘dash for cash’ at the start of the coronavirus pandemic in March 2020 to the spike in UK Gilt yields in September 2022.
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Opinion PiecesViewpoint: Gilts crisis won’t undermine attractions of private markets for long-term investors
Many of the government’s ambitions to reboot growth in the UK economy require solutions which private assets are well equipped and prepared to provide in a timely manner
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News
Fiduciary managers face challenges as growth slows and AUM falls
Total fiduciary management AUM decreased 5% to £218bn in 2022, largely as result of a rise in yields driving declines in Gilts and LDI portfolios
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FeaturesUK fiduciary managers wrangle with LDI fallout
UK Gilt yields rose throughout 2022, even before September’s well-publicised spike caused by the unfunded mini budget. Fears of global inflation, exacerbated by the energy crisis and geopolitical uncertainty following Russia’s invasion of Ukraine, took UK 10-year yields from around 1% in January to 3% in mid-September.
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NewsUK roundup: Cobham scheme completes £530m buy-in
Plus: DB deficits could be a thing of the past; £1.3trn wiped off value of UK bonds since start of 2022
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NewsUK pensions committee launches inquiry into DB schemes with LDI
Inquiry will focus on impact of recent volatility in Gilt yields on DB schemes with LDI strategies and their regulation and governance
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News
UK pensions industry to keep vigilant despite stable bond yields following ‘mini budget’ u-turn
The near-term technical picture is not a positive one, says Hymans Robertson
