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UK Trillion Dollar Pension Funds for Retirees Came Hours To Collapse Until Government Promises to Buy £65 Billion of Bonds, Massive Sell-off of UK Bonds Gilts after Unwinding of COVID-19 Stimulus

7th October 2022 | Hong Kong

UK trillion dollar pension funds for retirees came hours to collapse until the UK (United Kingdom) government steps in and promised to buy £65 billion of bonds, with the massive sell-off of UK government bonds (Gilts) triggered after UK fiscal announcement (23/9/22) including unwinding of COVID-19 stimulus.   Around £1.5 trillion are in liability-driven bonds, with around 67% invested in long-dated UK government bonds (Gilts).  A few days after announcement (27/9/22), 30 years bond yield increased by 67 basis points (0.67%), causing bond prices to be traded or valued lower by around 20.1%.   Banks which had lent using UK government bonds (Gilts) as collateral, had to sell the bonds, causing further price drop.  On the same day, Bank of England & UK Treasury agreed to support the UK government bonds (Gilts) market.  After the announcement of an emergency package the next day on 28/9/22, 30 years bond yields fell by 100 basis points (1%), supporting bond prices to be traded or valued higher by around 30%. 

“ UK Trillion Dollar Pension Funds for Retirees Came Hours To Collapse Until Government Promises to Buy £65 Billion of Bonds, Massive Sell-off of UK Bonds Gilts After Unwinding of COVID-19 Stimulus “

 


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