LGIM's Roe Has a Radical Fix for the UK's Debt Pile: Buybacks [BNN Bloomberg (Canada)]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: BNN Bloomberg
Legal & General Investment Management Ltd's John Roe says the UK's debt is too costly because it stretches further into the future than is necessary, adding extra years of payments that tend to carry higher rates. To address that quickly, the government should stop selling long-dated bonds and even follow the US in buying some back — something it hasn't done since 2001. The average maturity on the nation's sovereign bonds is the longest of any major European economy — at 14 years, it's almost double that of Germany. It's a quirk that has to do with the nation's pension industry, which over the years sought long-dated bonds to make sure it had enough cash to pay out retirees. And it's coming into the limelight now that these buyers risk disappearing. Many are stepping back because their future obligations are fully funded thanks to higher yields. In another structural shift, more and more of them are transferring liabilities to insurers, which could result in the net sale of £100
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