Pension schemes prep facilities to ‘repo’ fund units

Schroders, State Street and Cardano plan new way to shore up pension portfolios against repeat of 2022 gilt crisis

money on a chessboard

Three asset managers are exploring ways to use corporate bond fund units owned by pension schemes as collateral for emergency borrowing, in a bid to avoid a repeat of the 2022 gilt crisis.

Schroders, State Street Global Advisors and Cardano are planning to allow pension scheme clients to pledge the units as collateral for short-term loans from banks. The arrangement – comparable to traditional repo – is designed to help schemes meet margin calls on their leveraged gilt positions in a crisis.


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