UK - The Debt Management Office (DMO) has announced the issuance of a further £675m nominal of 50-year index-linked treasury gilts expiring 2055.
The new gilts will be auctioned on 25 October and the settlement of the auction, done on a uniform price basis, will be issued the following day. This further issue will be interchangeable with the gilt already in issue.
The announcement follows the DMO’s decision in September to issue the world’s first 50-year inflation-linked bonds in response to demand for long dated assets as a liability matching tool.
The gilt itself will be repayable on 22 November 2055 and payment will be related to the movement during the life of the gilt of the United Kingdom General Index of Retail Prices.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.