UK debt agency chief warns against rapid expansion of Treasury bill sales
Jessica Pulay told lawmakers today that the government must weigh refinancing risks before shifting to short-term debt. The DMO reveals its plans on March 3.
Insights:
Jessica Pulay, the Chief Executive of the Debt Management Office (DMO), told the Parliamentary Treasury Committee in Britain 
GB today that the government should think carefully before significantly expanding the issuance of short-dated Treasury bills. Pulay warned that such a move would raise refinancing and other market risks, potentially altering the structure and risk profile of how the nation finances its borrowing. She further cautioned that a larger reliance on these instruments could more rapidly expose the public finances to rises in Bank of England interest rates.
GB today that the government should think carefully before significantly expanding the issuance of short-dated Treasury bills. Pulay warned that such a move would raise refinancing and other market risks, potentially altering the structure and risk profile of how the nation finances its borrowing. She further cautioned that a larger reliance on these instruments could more rapidly expose the public finances to rises in Bank of England interest rates.
