News & Feeds October 2, 2022

Sterling Credit Has Worst Ever Month as UK Chaos Shakes Market

A meltdown in UK assets during Liz Truss’s first month as prime minister has left the sterling corporate bond market notching up its worst monthly return ever. A Bloomberg index of sterling-denominated high-grade corporate bonds fell 9.6% in September, the most since the index began. The measure comprises a majority of British companies, as well as others with sterling debt. It’s also the biggest monthly underperformance for pound-denominated debt compared to similar euro and US dollar credit since 2009, according to Bloomberg indexes. The slump comes amid a meltdown for UK assets this week, with the pound