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I have just reinstated my earlier version, which just added information to an - unchecked - existing article. The said article did not concentrate on the gilt markets' essentials. I am perfectly aware that by simply reinstating an earlier version, I may have erased some valuable addings. However, I have the greatest doubts as to the general quality of what has been added - and thus, sadly, initially written - by
User:EconomistUK, since he or she has erased perfectly valid information and replaced it with what cannot be anything else than the most blatant propaganda. I thus intend to check every part thoroughly.
Htournyol
20:52, 9 October 2005 (UTC)
EconomistUK 07:56, 10 October 2005 (UTC)
Apparently gilt issuance has picked up tremendously since I stopped doing bond arbitrage in 2002 and retired from financial markets - although this does not show in LIFFE's gilt futures volume, which has indeed shrank further. Gilt futures trade on average 50,000 contracts a day, which is peanuts compared to the 1,5 million Bund futures. True, recent gilt issues now have outstanding amounts comparable to those of Bunds or OATs. However, this new found liquidity is extremely recent and the gilt market squeezed mightily at several times during the last 15 years, notably in 1998 and 2000, with swap spreads reaching levels (150bps) not compatible with a civilized government bond marked. Anyone prentending that until three years ago the gilt market was liquid and not a victim of structural imbalances and prone to endemic squeezes does not know what he or she is talking about, and certainly has never traded it. That the DMO would obviously like everyone to forget about the gilts' dissolute recent past is certainly understandable, from a commercial point a view, as their job is selling gilts to investors. However, structural factors remain : 1) this market is insular 2) pension-fund driven 3) and still subject to the MFR - about which the DMO's website is remarkably silent. Structural imbalances have even spilled unto the swap market, a remarkable feat since swaps are theoretically infinite : for the past seven years, 15y/15y forward swap spreads between euro and sterling have been negative to the tune of hundreds of basis points (sterling through euro) in spite of higher inflation. This aberration only corrected in 2005 (see:
[1]).
Htournyol
10:05, 10 October 2005 (UTC)
EconomistUK 22:00, 10 October 2005 (UTC)
Some more thoughts:
This title violates WP:NAME, which normally requires singulars. It should probably be moved to something like Gilt (bond). Hairy Dude ( talk) 17:08, 7 June 2008 (UTC)
{ Ethymology seems to be a weirdly but commonly recognized misspelling of etymology. When my edit of the following unattributed entry heading caused a Wikipedia programming error.}-- Wikidity ( talk) 19:56, 8 August 2011 (UTC)
I thought Gilt had an etymological history as in Germanic languages such as old English gilt means both money (German: geldt), DEBT AND guilt. Guilt also means debt still in Scandinavian (and Germanic). As in being guilty of having to pay back.
--unidentified contributor & date
'Gilt' originally referred to valuable documents which were expected to be kept for a long time, and which usually had gold applied to the edges to preserve the interior(written surfaces) of a folio or stack from oxidation and other deterioration, which could eventually make the document unreadable.
--
Wikidity (
talk)
19:46, 8 August 2011 (UTC)
Isn't a gilt a bond you buy for which the bearer will be paid a sum of money of interest for a set period of time after which the initial purchase price is refunded or if it's not, please explain because the article doesn't actually say this but it does say some things about bi-annual payments, interest rates and maturity... ~ R. T. G 13:16, 19 November 2009 (UTC)
Reported on the BBC "Today" radio program (date 10/05/2012), by Simon Jack The bank of England now owns a third of all government debt due to it's quantitative easing program of buying Gilts. So one government entity owns a third of the country's government debt. This is surely worthy of a mention in the main page. The snake eating it's own tail! — Preceding unsigned comment added by 79.121.186.28 ( talk) 11:48, 10 May 2012 (UTC)
Two pages on my website have lots of data, carefully linked to original sources: Conventional Gilts, ≥1946, and Gilts: linkers and perpetuals and floaters. Obviously wikipedians should, as much as possible, prefer to cite the linked source rather than my pages. JDAWiseman ( talk) 09:45, 16 June 2016 (UTC)
It would be interesting to see a chart of the amount outstanding over decades and centuries. -- Beland ( talk) 16:42, 27 January 2023 (UTC)
I'm curious how the payments actually get made. Bearer bond and Coupon (finance) describe one way of doing it - the bond holder has a physical piece of paper, and they get cash when they present the paper. (And they detach a separate piece of paper for each intermediate interest payment, if any.) That must create a problem of people failing to show up on time to collect that money and unpaid debt just sort of sits around? But with the undated bonds, it seems like the holders would have to be registered somehow so that they can receive ongoing interest payments and then suddenly the principal when the government decides to pay that. It would be interesting to know which sort of system was used for what and when in the UK, and the benefits and problems of each system. -- Beland ( talk) 16:57, 27 January 2023 (UTC)
I have cut the excessively-long blow-by-blow essay about two weeks in a +400 year history of gilts which was actually mostly about fiscal policy and the LDI crisis, not gilts, and does not provide a balanced commentary (e.g. it did not mention that gilt prices started spiking before the budget, not after, nor did it mention that the £65bn facility from the Bank wasn't needed and was barely used (and what money was used actually turned a profit for the Bank), nor did it mention the authorities had been warned about LDI risk for years and the rising gilt prices did not cause the problems rather it exposed them, nor that Sterling had been plummeting against the US Dollar for the previous nine straight months at no less rapid a rate as it did after the budget). It's also one of many times gilt prices have spiked over 400+ years, yet none of these other events is mentioned even though many were larger spikes with more significant long-term effects. Any restoration of text relating to the events of October 2022 should be proportionate to the overall scope and size of the article, specific to gilts, and balanced. If you want Wikipedia to record the LDI crisis, there is a page for LDI. 82.21.19.72 ( talk) 01:02, 22 November 2023 (UTC)
![]() | This article is rated C-class on Wikipedia's
content assessment scale. It is of interest to the following WikiProjects: | ||||||||||||||||||||
|
I have just reinstated my earlier version, which just added information to an - unchecked - existing article. The said article did not concentrate on the gilt markets' essentials. I am perfectly aware that by simply reinstating an earlier version, I may have erased some valuable addings. However, I have the greatest doubts as to the general quality of what has been added - and thus, sadly, initially written - by
User:EconomistUK, since he or she has erased perfectly valid information and replaced it with what cannot be anything else than the most blatant propaganda. I thus intend to check every part thoroughly.
Htournyol
20:52, 9 October 2005 (UTC)
EconomistUK 07:56, 10 October 2005 (UTC)
Apparently gilt issuance has picked up tremendously since I stopped doing bond arbitrage in 2002 and retired from financial markets - although this does not show in LIFFE's gilt futures volume, which has indeed shrank further. Gilt futures trade on average 50,000 contracts a day, which is peanuts compared to the 1,5 million Bund futures. True, recent gilt issues now have outstanding amounts comparable to those of Bunds or OATs. However, this new found liquidity is extremely recent and the gilt market squeezed mightily at several times during the last 15 years, notably in 1998 and 2000, with swap spreads reaching levels (150bps) not compatible with a civilized government bond marked. Anyone prentending that until three years ago the gilt market was liquid and not a victim of structural imbalances and prone to endemic squeezes does not know what he or she is talking about, and certainly has never traded it. That the DMO would obviously like everyone to forget about the gilts' dissolute recent past is certainly understandable, from a commercial point a view, as their job is selling gilts to investors. However, structural factors remain : 1) this market is insular 2) pension-fund driven 3) and still subject to the MFR - about which the DMO's website is remarkably silent. Structural imbalances have even spilled unto the swap market, a remarkable feat since swaps are theoretically infinite : for the past seven years, 15y/15y forward swap spreads between euro and sterling have been negative to the tune of hundreds of basis points (sterling through euro) in spite of higher inflation. This aberration only corrected in 2005 (see:
[1]).
Htournyol
10:05, 10 October 2005 (UTC)
EconomistUK 22:00, 10 October 2005 (UTC)
Some more thoughts:
This title violates WP:NAME, which normally requires singulars. It should probably be moved to something like Gilt (bond). Hairy Dude ( talk) 17:08, 7 June 2008 (UTC)
{ Ethymology seems to be a weirdly but commonly recognized misspelling of etymology. When my edit of the following unattributed entry heading caused a Wikipedia programming error.}-- Wikidity ( talk) 19:56, 8 August 2011 (UTC)
I thought Gilt had an etymological history as in Germanic languages such as old English gilt means both money (German: geldt), DEBT AND guilt. Guilt also means debt still in Scandinavian (and Germanic). As in being guilty of having to pay back.
--unidentified contributor & date
'Gilt' originally referred to valuable documents which were expected to be kept for a long time, and which usually had gold applied to the edges to preserve the interior(written surfaces) of a folio or stack from oxidation and other deterioration, which could eventually make the document unreadable.
--
Wikidity (
talk)
19:46, 8 August 2011 (UTC)
Isn't a gilt a bond you buy for which the bearer will be paid a sum of money of interest for a set period of time after which the initial purchase price is refunded or if it's not, please explain because the article doesn't actually say this but it does say some things about bi-annual payments, interest rates and maturity... ~ R. T. G 13:16, 19 November 2009 (UTC)
Reported on the BBC "Today" radio program (date 10/05/2012), by Simon Jack The bank of England now owns a third of all government debt due to it's quantitative easing program of buying Gilts. So one government entity owns a third of the country's government debt. This is surely worthy of a mention in the main page. The snake eating it's own tail! — Preceding unsigned comment added by 79.121.186.28 ( talk) 11:48, 10 May 2012 (UTC)
Two pages on my website have lots of data, carefully linked to original sources: Conventional Gilts, ≥1946, and Gilts: linkers and perpetuals and floaters. Obviously wikipedians should, as much as possible, prefer to cite the linked source rather than my pages. JDAWiseman ( talk) 09:45, 16 June 2016 (UTC)
It would be interesting to see a chart of the amount outstanding over decades and centuries. -- Beland ( talk) 16:42, 27 January 2023 (UTC)
I'm curious how the payments actually get made. Bearer bond and Coupon (finance) describe one way of doing it - the bond holder has a physical piece of paper, and they get cash when they present the paper. (And they detach a separate piece of paper for each intermediate interest payment, if any.) That must create a problem of people failing to show up on time to collect that money and unpaid debt just sort of sits around? But with the undated bonds, it seems like the holders would have to be registered somehow so that they can receive ongoing interest payments and then suddenly the principal when the government decides to pay that. It would be interesting to know which sort of system was used for what and when in the UK, and the benefits and problems of each system. -- Beland ( talk) 16:57, 27 January 2023 (UTC)
I have cut the excessively-long blow-by-blow essay about two weeks in a +400 year history of gilts which was actually mostly about fiscal policy and the LDI crisis, not gilts, and does not provide a balanced commentary (e.g. it did not mention that gilt prices started spiking before the budget, not after, nor did it mention that the £65bn facility from the Bank wasn't needed and was barely used (and what money was used actually turned a profit for the Bank), nor did it mention the authorities had been warned about LDI risk for years and the rising gilt prices did not cause the problems rather it exposed them, nor that Sterling had been plummeting against the US Dollar for the previous nine straight months at no less rapid a rate as it did after the budget). It's also one of many times gilt prices have spiked over 400+ years, yet none of these other events is mentioned even though many were larger spikes with more significant long-term effects. Any restoration of text relating to the events of October 2022 should be proportionate to the overall scope and size of the article, specific to gilts, and balanced. If you want Wikipedia to record the LDI crisis, there is a page for LDI. 82.21.19.72 ( talk) 01:02, 22 November 2023 (UTC)