End-user of the year: Sovereign THE UK DEBT MANAGEMENT OFFICE

Risk Awards 2006

"No-one had ever done a 50-year index-linked sovereign issue before. The Debt Management Office [DMO] deserves praise for successfully executing what was a potentially risky project." So says Ian Gaskell, global head of rates at Royal Bank of Scotland (RBS) in London, lead hedge manager and joint bookrunner (alongside Barclays Capital, Morgan Stanley and UBS) of the UK's first syndicated 2055 1.25% inflation-linked gilt, issued on September 22. With long duration index-linked bonds regarded