BoE APF Gilt Sales Schedule for Q3 2026: Upward Pressure on UK Curve Transmits to Long-Dated African Eurobonds

The Bank of England published its Q3 2026 Asset Purchase Facility gilt-sale schedule, signalling continued quantitative tightening through late July to mid-September via a programme of short- and medium-maturity gilt sales. Removing a persistent central-bank buyer from gilts mechanically reduces demand at the margin and tends to put upward pressure on UK yields, most directly on the maturities being sold and, by reference, on the long end through duration and relative-value channels. Higher UK sovereign yields act as a benchmark and rerate global discount rates. For African external-creditors this transmits into wider eurobond spreads and a higher refinancing premium, with long-dated paper most exposed through duration and convexity.

Issuers with material long-tenor external amortisation — for example sovereigns and corporates that access the eurobond curve at the 10+-year part of the curve — will see mark-to-market pressure as UK yields lift the global risk-free curve used to price euro-denominated debt. Mechanically, Ghana and Kenya long-dated eurobonds and longer-dated corporate eurobonds (which price off developed-market term premia) will carry the bulk of duration-led spread sensitivity; shorter or locally funded maturities will be less directly affected. Against regional peers, high-credit-quality sovereigns with larger domestic investor bases and liquid local curves (South Africa, Morocco) should be relatively more insulated from UK-driven external yield moves than higher-beta sovereigns that rely on offshore external markets for long-dated financing. The desk will watch subsequent BoE guidance around gilt-sale cadence and any shift in the tenor mix: an increase in long-maturity sales would steepen UK term premia and amplify pressure on the 10+-year portion of African eurobond curves.