Sterling

£110bn book proves ‘gradual but structural shift’ in demand to shorter tenors

'Textbook execution' lands sovereign issuer 'blowout deal'

◆ Bankers reveal size expectation ◆ UK lender's first deal since 2011 ◆ Time needed to re-introduce the issuer to investors

◆ Coventry Building Society orders reached £4bn ◆ Banco Santander finds price sensitive investors ◆ New issue premiums vary

Investors had their pick of unrated, smaller hybrid and sterling deals on day before ECB meeting

The sovereign wealth fund paid no concession, but a lead conceded fair value estimates will vary widely

◆ UK insurer prints inaugural dollar tier two a day after main sterling leg ◆ Achieves currency and investor diversification while meeting £750m funding target ◆ Revival in sterling FIG across capital structure

Demand was nearly £4bn for the sovereign wealth fund's first ever debut in a new currency

◆ Slim premium paid on chunky sale ◆ Investors welcome Canada pick-up to UK names ◆ Canadians missing from covered bonds

The Saudi wealth fund and sovereign have issued tens of billions of dollar bonds in the last two years

◆ Improved arb lures bank to issue first sterling senior deal for two months ◆ It funds close to where it can issue in euros ◆ But while hopes of more issuance rise, prospects are uncertain amid return of rates vol

Bankers off deal say it was arb-driven