Deutsche Bank trained, now manages UK debt, Robert Stheeman

[TonyGosling]

SIR ROBERT STHEEMAN

Chief Executive

United Kingdom Debt Management Office

Sir Robert Stheeman was appointed chief executive of the United Kingdom Debt Management Office in January 2003. The DMO was established as an executive agency of HM Treasury in April 1998 to carry out government debt management (issuing gilts and managing the gilts market) and cash management (balancing the government’s daily cash needs by issuing treasury bills and other transactions in the sterling money markets). The UK Debt Management Office assumed responsibility for debt management on 1 April 1998 and for cash management on 3 April 2000. Sir Robert Stheeman was born and educated in the UK. He joined Vereins-und Westbank AG in Hamburg as a trainee in 1979 and completed his bank business degree at the Hamburg Chamber of Commerce in 1982. From 1983 to 1985 he was regional manager in the correspondent banking and international lending division of Vereins-und Westbank AG in Hamburg. From 1986 until 2002 Sir Robert held a number of positions with Deutsche Bank AG in Frankfurt and London. Between 1991 and 2002 he was a director in the debt capital markets group, specialising in debt issuance strategies for sovereign, state, supranational and major corporate borrowers in Europe, North America and Australia. Sir Robert received a knighthood in the Queen’s New Year’s Honours List 2016.

http://www.euromoneyconferences.com/Speaker-Details/7679/The-Global-Bo rrowers-and-Investors-Forum.html?id=5528

[TonyGosling]

UK DMO's Stheeman expects 'efficient' market reaction to higher UK debt issuance
http://uk.reuters.com/article/uk-britain-eu-budget-dmo-idUKKBN13I1WR

British government bond prices are likely to react in an "efficient" manner to the big rise in borrowing announced by Chancellor Philip Hammond on Wednesday, the head of the country's debt agency said.

Robert Stheeman, chief executive of the UK Debt Management Office, said he wanted to avoid focusing too heavily on any one maturity of gilt after the DMO had to revise up its mid-year debt issuance plans by the largest amount since 2008.

"It's about not putting all of our eggs in one basket," he told Reuters. "A lot of people were saying prior to the Budget (in March) that we must issue more longs. But since then, and at a time when you have curve steepening, those longs can potentially become relatively more expensive."

British debt prices fell on Wednesday after Hammond's announcement of 122 billion pounds of extra borrowing over the next five years.

Higher government borrowing needs prompted the DMO to raise its plans for gilt issuance in the remainder of the financial year by 15.0 billion pounds to 146.5 billion pounds, much more than the 2.9 billion pound increase forecast in a Reuters poll.

"The size of the increase in the financing requirement may be bigger than the market expected, but the market has a really good track record of absorbing these things. My sense is that the market is efficient at repricing itself," Stheeman said.

Any lasting rise in gilt yields adds to upward pressure on global government borrowing costs following the election of Donald Trump as U.S. president earlier this month.

"From our perspective that calls for us to be a little bit circumspect in designing financing remits in the UK, to make sure that they are broadly based and balanced," Stheeman said. "If U.S. yields rise, to think the rest of the world will be unaffected is a bit of an illusion."