The relative importance of government debt shifted decisively as of 13 June
The size of the sterling-denominated non-gilts market has overtaken the gilt market for the first time, according to Richard Woolnough of Old Mutual Asset Management, whose £23m Corporate Bond fund celebrates its one-year anniversary on 10 July. That is a signal to intermediaries, many of whom are not fully conversant with non-government debt investing, that the relative importance of gilts versus non-gilts has decisively shifted, he said. Using figures from Barclays Capital, the investment banking arm of Barclays Bank, Woolnough said the outstanding non-gilts market debt was £245.99bn,...
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