Sterling
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Bulk of financing for sector is new money, rather than refinancing -
◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month
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Some of these deals stalled late last year and have spilled over into this year
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◆ Sterling market still strong ◆ Fair value built out from peers ◆ US and Aussie dollar issuance to come
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◆ New issue concession required after Gilt sell-off ◆ Issuer prices close to euro curve ◆ UK asset manager demand
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Norwegian aluminium company thunders through fair value despite threat of US policy changes
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Blowout demand for 20 year sterling tranche suggests investors are not beholden to rate volatility
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EGBs and USTs are having trouble too; what makes the UK any different?
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Issuer prepares thoroughly for 20 year after solid start by Mercedes
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Early signs of a milder start to public bond issuance in 2025 than last year, but with one important caveat
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◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply
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◆ RV in sterling turns less favourable for issuers ◆ Investors 'underwater' on recent deals ◆ Asset managers see 'no fundamental change' in UK financials from higher Gilt yields
