Post

@iankmsmith.ft.com

Today in "reasons to be worried about long-term debt demand" #1 @marymcd.bsky.social on Dutch pension funds who are moving from DB to DC and needing a lot less long-dated sovereign bonds www.ft.com/content/8679...

ft.comDutch pension funds set to sell €125bn of government bondsOverhaul of Eurozone’s largest retirement sector is expected to put pressure on continent’s debt markets

10/7/25, 6:20 am3 reposts10 likes

Ian Smith

@iankmsmith.ft.com

10 July 2025

#2 @tobyn.bsky.social on Alphaville dissects the fall in UK pension fund demand for gilts as DB withers on the vine, drawing on an OBR report www.ft.com/content/261f...

ft.comPension funds 💔 giltsFor whom the bell tolls

Ian Smith

@iankmsmith.ft.com

10 July 2025

It’s strange to watch the downstream effects of the first story I covered as a reporter more than a decade ago: the demise of defined benefit pension schemes

Ian Smith

@iankmsmith.ft.com

10 July 2025

For those interested in this we did a Big Read in 2023 on the UK retirement shift from pension funds to insurers and the market impact “that marginal buyer of [US] Treasuries and gilts is going away” w @josephinecumbo.bsky.social + @marymcd.bsky.social on.ft.com/3IlgKk6

on.ft.comThe pension deal bonanza remaking the UK’s retirement sector[FREE TO READ] Soaring interest rates have facilitated a big rise in ‘bulk annuity’ transactions, but the impact of transferring tens of billions of pounds of assets to a handful of insurers could be ...

Ian Smith

@iankmsmith.ft.com

10 July 2025

And one last month on global worries over long-end demand from UK to Japan www.ft.com/content/a07d...

ft.comThe mounting pressure on bond marketsFor the first time in almost a generation, governments are starting to face regular resistance from investors when they try to sell long-term debt