Photo: A commuter passes the Royal Exchange and the Bank of England (BOE) in London on Oct. 3, 2022. Photographer: Carlos Jasso/Bloomberg A commuter passes the Royal Exchange and the Bank of England (BOE) in London on Oct. 3, 2022. Photographer: Carlos Jasso/Bloomberg

UK pension funds are dumping assets to meet margin calls, as the Bank of England (BOE) confirmed it will end its emergency bond-buying program, with the reverberations being felt everywhere from Sydney to Frankfurt and New York.

In the United States, investment-grade corporate bonds are falling, with average prices of around 86 cents on the dollar on Wednesday, compared with 90 cents about three weeks ago. UK pension funds have contributed to the selling pressure in recent days, according to one Wall Street trading desk.

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