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Could more margin issues arise one year on from the gilts crisis?

Joe Midmore asks if schemes could still be exposed to sudden spikes in margin

Joe Midmore

13 October 2023 • 3 min read

Could more margin issues arise one year on from the gilts crisis?

September 2023 marked a full year since the Truss government’s disastrous Mini Budget sparked mayhem in British sovereign bond markets. Within three days, yields for the 30-year gilt spiked by 120 basis points – one of the greatest leaps ever seen in such a short space of time.

Of course, a significant contributor to the sell-off were the often leveraged liability-driven investment (LDI) strategies used by many defined benefit pension funds. Following the unexpected rise ...

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