Gilt market intervention gives 'breathing room' to embattled DB schemes

Yesterday morning (28 September) the central bank said it would carry out temporary purchases of long-dated UK government bonds immediately in order to "restore orderly market conditions", adding the purchases would be carried out on "whatever scale is necessary to effect this outcome". The BoE later said it would target conventional gilts with a residual maturity of more than 20 years in the secondary market, initially at a rate of up to £5bn per auction. The first of these auctions was conducted yesterday between 3:00pm and 3.30pm. It said subsequent auctions would be conducted on...