Briefing Note

Update on the UK gilt market

30 Sep 2022

After an eventful week following the government's mini budget on the 22 September, read our latest briefing note, providing an update on the UK gilt market.



  • Against a global backdrop of rising yields, increases in UK government bond yields accelerated in the wake of the government’s mini budget on the 22 September
  • The speed and scale of yield rises has placed immense pressure on UK pension schemes to find cash at short notice to meet collateral calls on LDI programmes
  • On 28 September, the Bank of England halted planned gilt sales and commenced the purchase of £5bn of long-dated bonds per day for 13 days, citing material market risks to UK financial stability
  • This time-limited intervention has improved liquidity and reduced yields, providing a window for LDI investors to re-position portfolios and ensure they are in a strong collateral position

Download Briefing Note


For further information, or to discuss any of the issues raised in this briefing note, please speak with your usual Hymans Robertson consultant.

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