UK debt office narrowly avoided disorderly market in March
DMO chief says BoE intervention triggered rapid recovery; debt issuance now running at record levels
The UK’s Debt Management Office has so far managed to come through the Covid-19 crisis without failing to cover a single debt auction, but there was one auction in March that was right on the edge, Robert Stheeman said today (June 24).
The DMO chief said the auction on March 19 was ultimately filled successfully at a price only slightly weaker than in the secondary market. But within the space of a few hours afterwards, conditions in the gilt market rapidly deteriorated.
For about 10 days
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