The big credit headline this week in the sterling bond world is that the UK gilt market has been put under review by one of the top three rating agencies Moody’s, for a downgrade from AAA to AA+. As bond…
Category Archives: gilts
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The ECB finally realised it had no choice and fired its bazooka in December. The impact has been huge. Two year Italian government bond yields have more than halved from the high of 7.5% seen at the end of November….
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Last week conventional gilts of all maturities briefly traded – but failed to close – below the 3% level. The continuation of the gilt bull market has now reached an important psychological level, with the ascendant bulls seeing a 3%…
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A review of fixed interest asset class returns in 2011
- Topics
- corporate bonds, gilts
Posted December 14th, 2011
The decorations are up, the presents are under the tree, and I’m starting to think of New Year resolutions. Yes 2012 is almost upon us. With that in mind, I thought it might be interesting to have a quick look…
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Today’s FT launches on the significant headline of record low gilt yields (see here). Within the article it discusses a number of issues from quantitative easing to Bill Gross’ famous quote regarding the UK “resting on a bed of nitroglycerine”…
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After December’s big sell-off in US Treasuries on the back of fears about the US’s creditworthiness, and the surprise at yesterday’s record monthly budget deficit in the UK, there’s been a lot of talk about a bond market “buyers’ strike”. …
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Gilt supply update: back to a world of issuance exceeding buybacks
- Topics
- gilts, quantitative easing
Posted December 15th, 2009
In last week’s Pre-Budget report, UK Chancellor Alistair Darling announced that gilt issuance for the current financial year would total £225.1bn – a shocking and record figure, although not far off the £220bn that was originally planned in this year’s…
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QE (Quite Enough?) Update & Competition Winner
- Topics
- Bank of England, gilts, quantitative easing
Posted November 5th, 2009
Earlier today the Bank of England announced that along with keeping the bank rate at 0.5% it is to increase the QE program by a further £25bn over the next 3 months. Whilst an increase was somewhat expected by the…
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Long dated UK inflation-linked gilts – possibly the most expensive bonds in the world
- Topics
- gilts, quantitative easing
Posted October 7th, 2009
The new issue of an inflation-linked gilt maturing in 2050 a couple of weeks ago reminded me of an excellent three page paper that Larry Summers wrote in the mid 1980s (see here). In short, Summers invented what he called…
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Something to keep everyone happy – Bond markets and equity markets outperforming
- Topics
- gilts
Posted September 9th, 2009
The month of August was an investor’s dream, with major asset classes like equities, government bonds, corporate bonds and property producing positive returns over the month. However, like two gunslingers in the American Old West, the equity and government bond…
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