Sterling
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£900m equity raise plans come as Southern tries to save its investment grade rating -
◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ First EU green bond from FIG after corporate and SSA debuts ◆ Bank turbocharges senior funding in euros a day after sterling visit ◆ Deals have similar structures and maturities
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Company is evaluating equity bids
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Issuer slips a notch as debt to regulatory capital metric worsens
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Average spread to swaps up compared to early 2024 while spreads to govvies trend downwards
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◆ Cost saving to euros and dollars continues to lure non-UK borrowers ◆ Sterling real money investors show clear affinity for higher spread offerings ◆ Demand slows for tighter Nordea
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Other markets overshadow labelled public sector issuance in sterling
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◆ Issuers referencing older Gilts to price through euro curves ◆ Syndicate 'overwhelmed' by orders as investors chase French spreads ◆ Transaction 'repriced' secondary curves
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Choice of 10 year tenor key to success, says DMO
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◆ EBRD priced off primary ◆ KfW achieves greenium? ◆ Tight pricing on both deals
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◆ Record book and deal size ◆ Investor demand 'at odds' with media headlines ◆ Key BoE actor clears up position
