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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