Sterling
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Ex-Credit Suisse banker joined Ares in 2023 -
◆ Blistering demand in euros and debut sterling for Australian name ◆ Spread thunders in by 40bp ◆ Doubt that this level of investor demand will continue for others
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Loss of LCR eligibility could hit sterling covered demand, but issuers expected still to come
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FIG and EM cover ratios fall while other markets rise
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Issuer takes big size ahead of blackout, offering ‘right’ products to investors
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◆ Some question timing ◆ Source close to deal defends outcome ◆ Debate on how much inaugural issuers should pay up
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Volume and demand rising as spread attractiveness to swaps increases
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More strategic deals lower down in the capital stack may be delayed for a 'market that's not tasting blood'
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The company announced his departure on Friday
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Shift to shorter Gilts as UK gets ready to borrow £304bn in 2025-26
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Company is refinancing to cut costs
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Borrowing task is second largest ever after Covid response
