BoE paper explores ‘anatomy’ of gilts crisis
The UK’s gilt market crisis of September and October 2022 was concentrated in a few firms but quickly spilled over to the wider financial sector, a detailed study of the debacle finds.
Three firms accounted for 70% of total gilt sales in the liability-driven investment (LDI) sector during the intense bout of stress, the analysis by Bank of England economist Gabor Pinter finds. In the space of three weeks, the LDI sector dumped £36 billion ($44.5 billion) of gilts during a downward spiral of
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