This note updates the information presented in three previous annual articles which reviewed the evolution of the gilt-edged market since Big Bang. In 1991 there were a number of important developments in the gilt market. The government returned to borrowing in the gilt market after a period of over two years in which there had been no new gilt issues for cash and almost £14 billion of new issues were announced and sold in generally firm market conditions. The gilt-edged market makers (GEMMs) as a group recorded their second successive year of profits and for the first time since Big Bang, the capitalisation of the market increased.
The gilt-edged market: developments in 1991