BoE paper explores ‘anatomy’ of gilts crisis

Detailed account of crisis reveals contagion, concentrated risk and role of wider market players

The Bank of England at night
The Bank of England at night

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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