UK launches massive bond sales to fund COVID-19 spending surge

first_img“This higher volume of issuance is not expected to be required across the remainder of the financial year,” Britain’s finance ministry said.British government bond yields rose slightly in early trade on Thursday.A Reuters survey of 11 primary dealers had predicted the DMO would announce gilt issuance of around 300 billion pounds for the 2020/21 financial year as a whole.So far, investors have shown little sign of balking at the jump in public borrowing although the Bank of England has agreed to expand the government’s overdraft facility at the central bank, in case it struggles to raise cash in the debt market.The finance ministry said a further update to the DMO’s debt sales plan would be announced on June 29. Britain’s government plans to sell more bonds over the next three months than it had previously planned for the entire financial year to fund a surge in public spending in the face of the coronavirus crisis.The UK Debt Management Office said on Thursday it planned to issue 180 billion pounds ($222.43 billion) of government debt between May and July to finance the unprecedented measures announced last month to avert the collapse of Britain’s economy.Previously, the DMO had been planning to sell 156.1 billion pounds of bonds between April 2020 and March 2021. Topics :last_img read more

Sergio Aguero ‘out for a month’ with hamstring injury

first_imgManchester City striker Sergio Aguero is set for a month out with a hamstring injury suffered on international duty.The 27-year-old, who scored five goals in City’s win against Newcastle last weekend, lasted just 22 minutes of Argentina’s defeat to Ecuador.”I think I’ll be a month without playing,” Aguero told TyC Sports in Buenos Aires.City’s problems increased on Friday as David Silva came off in Spain’s 4-0 win over Luxembourg with a sprained ankle.The 29-year-old midfielder hobbled off early in the first half as a result of a challenge by midfielder Lars Gerson. Spain manager Vicente del Bosque said he had no timeline on a return for Silva.Aguero could miss four Premier League games – including the first Manchester derby of the season on 25 October – and two Champions League fixtures against Sevilla. His absence leaves City with just Wilfried Bony as a recognised central striker, with youngster Kelechi Iheanacho in reserve.–Follow Joy Sports on Twitter: @Joy997FM. Our hashtag is #JoySportslast_img read more