Sterling
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◆ Rare deeply subordinated capital from an insurer in sterling very popular ◆ Potentially negative new issue premium ◆ First possible window taken -
Founder Matthew Moulding injects £60m while extending a term loan and revolver
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◆ Borrowers take £500m from undersupplied market ◆ Despite lower spread Northern Powergrid's longer maturity trade more popular ◆ Sterling volumes down around 10% from March 2024
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◆ Deutsche Bank calls one AT1, extends another ◆ Market appears accepting to 'idiosyncratic' event ◆ Metro Bank issues public AT1 with the highest coupon
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The decision made by the High Court was upheld on Monday
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The solar energy investment company slashes 30bp off part of its loan margin
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The sovereign has raised more than £59bn from syndications in this financial year
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◆ Deal starved sterling investors pile into Wessex Water ◆ Final demand of £2.45bn ◆ First sterling deal this year from UK wastewater
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◆ Sterling still open for business ◆ Slight preference for longer tranche ◆ Wessex Water next up
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◆ Fair value calcs far from straightforward ◆ Largest book for index-linked Gilt offering ◆ Less index-linked issuance in 2025-26?
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◆ 'Reasonable interest' in sterling market ◆ Popular tenors accessed ◆ Neither issuer tightens pricing from guidance
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◆ Wessex Water and Bunzl in sterling ◆ Manchester Airport and Mondi in euros ◆ Market shrugs off Friday’s weak non-farm payrolls number
